New Debenhams CEO has ‘clear plan’ to save department store chain
Restructuring expert Stefaan Vansteenkiste said he has a “clear plan” to save Debenhams after the retailer confirmed his appointment as its new chief executive today.
Vansteenkiste, a director at turnaround specialist Alvarez & Marsal, joined the embattled department store in April this year as chief restructuring officer.
Read more: Debenhams chairman to step down
Previously he has helped to lead turnarounds at Intertoys, Vion Food Group, Diam International and Bally Shoes.
Chairman Terry Duddy will step down from the board in September after handing over to Vansteenkiste.
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.”
Vansteenkiste will replace Sergio Bucher who was ousted as chief executive after the group’s lenders took control of the company.
Duddy said: “The board welcomes Stefaan’s appointment as chief executive.
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“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.”