Debenhams' chief executive Michael Sharp to step down

Under Michael's leadership Debenhams delivered a four-pillared strategy to build a leading international multi-channel brand.

Sharp said, “It is a privilege to lead Debenhams and I am very proud of our achievements since September 2011.  I believe Debenhams is now capable of competing in the ever changing and challenging world of multi-channel retailing. I will continue as chief executive throughout the Christmas trading period and into 2016 until a suitable successor has been appointed and settled into the role. I hope being transparent about my intentions will stop recent speculation becoming a distraction, allowing me and the Debenhams team to focus on delivering our strategy and the important Christmas trading period.”

Nigel Northridge, chairman, Debenhams said, “On behalf of the board I would like to thank Michael for continuing to lead Debenhams through a crucial time of change in retailing and for the good progress the company has made under his leadership. I am pleased Michael will remain with us until we have appointed a suitable replacement and will help facilitate an orderly succession process. The board is confident we have a clear and effective strategy and when Michael steps down, he will leave Debenhams in a strong position to compete and deliver long term sustainable growth.”

Debenhams is a leading international, multi-channel brand with a proud British heritage which trades from 248 stores across 27 countries. Debenhams gives its customers around the world a unique, differentiated and exclusive mix of own brands, international brands and concessions. (HO)

Fibre2fashion News Desk - India