Stefaan Vansteenkiste is set to become the new chief executive at Debenhams. This follows chairman Terry Duddy decision to step down in September. Mr Vansteenkiste joined Debenhams in April as a chief restructuring officer, he has been working with a team on new business plans to deliver a turnaround.
Mr Vansteenkiste 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.”
Mr Duddy will work with Mr Vansteenkiste to ensure a perfect handover before he leaves the board in September.
Debenhams was taken over by its creditors in April following a clash with the Sports Direct tycoon Mike Ashley, who wanted to install himself as the department store chain’s chief executive and provide financing to it on biased terms. The department store has since announced plans to close 50 of its 166 UK stores, with the further 22 closures planned for next year. This could lead to more than 4,000 jobs being lost.
