Debenhams chairman Terry Duddy is preparing to step down next month as the beleaguered department store’s owners appoint a restructuring expert as its new chief executive.
Retail veteran Duddy, who previously ran Argos and Homebase, will leave chief restructuring officer Stefaan Vansteenkiste in charge of the company, Sky News reported.
The changes will be formally announced tomorrow morning.
Vansteenkiste will replace Sergio Bucher who was ousted as chief executive after the group’s lenders took control of the company.
His appointment comes after the company conducted a thorough search for a new boss before deciding there was a need for continuity at the struggling firm.
Vansteenkiste has previously helped to turnaround retailers including Intertoys and Bally Shoes.
Debenhams is currently facing a potential legal challenge led by Mike Ashley’s Sports Direct following a financial restructuring.
The embattled retailer appointed administrators in April, who immediately sold the group to a newly incorporated company controlled by its lenders in a pre-packaged administration deal.
The move wiped out shareholder’s stakes, including the 30 per cent owned by Ashley.
Debenhams declined to comment.
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