Sergio Bucher, CEO, Debenhams, has decided to step down after lenders took control of the British retailer in early April.
Meanwhile, group’s chairman Terry Duddy will assume the role of Executive Chairman on an interim basis until a permanent successor is found. According to Debenhams, the move will allow the new leadership to carry through the restructuring of the business.
Bucher first landed into trouble after the firm fell into the hands of lenders following a struggle with its biggest shareholder Sports Direct International, which is owned by Mike Ashley. Ashley, earlier this year, led a coup to oust Bucher from the board. However, Debenhams rejected all his offers ever since.
The British retailer then entered into a pre-packaged deal with a new group controlled by lenders and this wiped out all shareholders of Debenhams including Sports Direct International. The new owners intend to minimise the expenditure by shutting down about 50 stores and agreeing on cheaper rents.
“Now that our new financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future.” – Sergio Bucher, CEO, Debenhams