Debenhams chief executive set to leave

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Debenhams chief executive set to leave

By Peter Walker

12/03/20

Debenhams chief executive Stefaan Vansteenkiste is to resign after less than a year in charge.

Sky News reported that he will step down within months, with a search for his successor already started.

Billed as a corporate turnaround specialist when he joined as chief restructuring officer last April, he was then promoted to interim chief executive in the wake of executive chairman Terry Duddy resigning in August.

He helped steer the department store chain’s Company Voluntary Arrangement, which yesterday was confirmed to be proceeding, after legal challenges had concluded in its favour.

Debenhams will now continue with plans to close 50 of its 166 stores and secure rent cuts on others, while also working to restructure the company’s debt.

At time of writing, Debenhams had not responded to requests for confirmation or comment.

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