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Debenhams CEO Bucher to exit this week

Debenhams has confirmed today that its chief executive Sergio Bucher will step down from the struggling department store chain this week, following its fall into administration.

A search has begun for his successor. In the meantime Terry Duddy, the current non-executive chairman, will assume the role of interim executive chairman.

In a statement, Debenhams said the move “will allow new leadership to carry through the restructuring and turnaround of the business”.

Debenhams’ lenders are putting together a new leadership team after the business entered into a pre-pack administration last week.

The lenders paid £101.8m for the group and took on £520m of debts and its pension obligations, taking the total cost to £621.81m. 

Bucher was appointed as Debenhams chief executive in May 2016, replacing Michael Sharp. He joined from Amazon, where he had served as vice-president of Amazon Fashion Europe since 2013.

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. I would like to wholeheartedly thank all of my colleagues for their efforts and dedication during such a turbulent time, as well as our suppliers, partners and of course customers for their continued support.”

Duddy said: “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.”

Readers' comments (1)

  • 'Viable' and 'Sustainable' are not words you would associate with Debenhams current position. The trouble of working for big organisations that saying things that aren't strictly true or you don't totally believe is a prerequisite for any position within that company.

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