- Huw Hughes
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Debenhams CEO Sergio Bucher is stepping down from his position after the company was taken over by its lenders earlier in April.
Non-executive chairman Terry Duddy will take over as interim executive chairman until a permanent replacement for a chief executive is found.
Former Amazon executive Bucher joined Debehmans in October 2016 and hoped to spearhead the department store’s omnichannel growth, but since then the company has posted multiple weak results and profit warnings. In October 2018, Debenhams posted a loss of 491.5 million pounds in the year to September – the biggest loss in the company’s history.
Commenting on the announcement in a statement, Bucher said: “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.”
Duddy added: “Debenhams now has a clear path towards a viable and sustainable future and we have Sergio and his team to thank for that. With a positive, professional approach, he has acted at all times in the company’s best interests, and we wish him all the best for the future.”
After joint administrators from FTI Consulting were appointed earlier in April, Debenhams’ shares were immediately sold to its lenders in a pre-pack deal to reduce the retailer’s 600 million pound debt. The move effectively wiped out its shareholders’ investments in the company, including Sports Direct owner Mike Ashley’s near 30 percent stake.
Photo credit: Debenhams
