John Lovering is expected to step down as Debenhams chairman when the company releases its full year results on Thursday.

Lovering, now 60, is reportedly leaving to pursue other interests, including charity work.

Taking over as chairman of Debenhams in 2003, Lovering has previously been chairman of Homebase Group and Somerfield. He oversaw the flotation of Debenhams in 2006, which made a large profit for the company’s backers.

The announcement of Lovering’s departure on Thursday is expected to come alongside the announcement of how Debenhams will spend the £323m it raised in June.

Last month the department store group forecast a rise in annual profits, despite a revamp of its department stores impacting sales.