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Debenhams hunts for turnaround CEO successor

Department store chain Debenhams is undergoing a search for the replacement of its incumbent CEO, Stefaan Vansteenkiste, Drapers understands. 

It is understood the retailer has appointed headhunter Spencer Stuart to handle the search, which has been ongoing for some time. 

Vansteenkiste was appointed in August, having been acting as chief restructuring officer for the department store since April 2019. His role was always touted as a temporary appointment while Debenhams completed its financial restructuring. He was previously managing director at professional services firm Alvarez & Marsal.

The news comes as the business announced that the period during which its company voluntary arrangement with creditors could be challenged had expired, meaning it can now proceed with a £100m debt-for-equity swap

Debenhams has declined to comment. 

 

 

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Readers' comments (2)

  • Sadly it’s unlikely to be a long term position.

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  • I can't see many people wanting to take the job on, because if they are honest, they will tell them that Debenhams is finished in its current form because the company will not do what is necessary to survive.

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