Department store group Debenhams has confirmed Stefaan Vansteenkiste as its new chief executive.
Department store group Debenhams has confirmed Stefaan Vansteenkiste as its new chief executive.
Vansteenkiste joined Debenhams in April this year as chief restructuring officer to turn the business around following its administration as lenders took control.
Debenhams chair Terry Duddy, who had been running the business on an interim basis, will leave in September after ensuring an “orderly handover”.
Duddy said: “The board welcomes Stefaan’s appointment as CEO. We concluded that he is the right person to take the business forward into the next phase of its recovery.
“Stefaan has already made a strong contribution since joining Debenhams and has the support of our investor consortium to drive forward our turnaround plan.”
Vansteenkiste said: “The retail industry faces a challenging environment and everyone at Debenhams acknowledges that. But we have a clear plan and Debenhams has a great team of people who are committed to delivering it.
“I am very excited about Debenhams’ strong prospects and with a restructured balance sheet there is a robust platform from which to build a turnaround, based on Debenhams’ clear brand focus, broad customer reach and differentiated product offer.”
Vansteenkiste is a managing director at restructuring specialist Alvarez & Marsal and has been involved in numerous turnarounds previously, such as Intertoys and Bally Shoes.
He has also held senior roles at businesses including Taco Bell.
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