The embattled retailer Debenhams has announced a new CEO as the company plot a course to return to financial stability.
After speculation and inside sources leaked the information yesterday, Debenhams have since confirmed speculation that current Chairman Terry Duddy will stepdown. The retailer also announced that CEO Sergio Bucher who left the company in March would be finally replaced by Stefaan Vansteenkiste, the groups Chief Restructuring Officer.
The outgoing Chairman Terry Duddy commented: “The board welcomes Stefaan’s appointment as CEO. We concluded that he is the right person to take the business forward into the next phase of its recovery. Stefaan has already made a strong contribution since joining Debenhams, and has the support of our investor consortium to drive forward our turnaround plan.”
Described as a ‘seasoned CEO and retail operator,’ Stefaan is an experienced executive who has been working closely with the Debenhams board to devise a new business plan and deliver a much-needed turnaround.
Highlighting the scale of the task he faces, the newly appointed CEO said: “The retail industry faces a challenging environment and everyone at Debenhams acknowledges that. But we have a clear plan, and Debenhams has a great team of people who are committed to delivering it. I am very excited about Debenhams’ strong prospects, and with a restructured balance sheet there is a robust platform from which to build a turnaround, based on Debenhams’ clear brand focus, broad customer reach and differentiated product offer.”