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Debenhams CEO Sergio Bucher to exit

Debenhams chief executive Sergio Bucher will leave the company following its fall into administration last week, Drapers understands. 

Bucher will step down after successfully securing refinancing for the struggling department store chain. 

It is understood that Bucher will be replaced by interim chairman Terry Duddy. 

A source close to Bucher said: “Having stayed on after the AGM and gotten the refinancing in place, Sergio thinks now would be the right moment to move on.  The upcoming restructuring can then be led by someone offering a fresh start.”

Debenhams is also close to appointing a new chief restructuring officer, Drapers understands. Stefaan Vansteenkiste, a managing director at the professional services firm Alvarez & Marsal, is currently being lined up for the role

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

Debenhams’ 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.

 

 

 

 

Readers' comments (3)

  • I think what is intriguing in all of this is that the press etc believe Sergio had a role in the refinancing of the company. He has been pretty much sidelined for 18 months and has had little to no influence over anything. As they say a “chocolate teapot”.
    Criminally he will get a payout and take little to no responsibility for the devastation he has caused.

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  • Yet again, retail pays for being absolutely no good whatsoever!

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  • State of it.

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