Debenhams has snapped up Domino’s Pizza’s chief financial officer Rachel Osborne to help drive its transformation plans.

Osborne will join the department store retailer on September 17, succeeding current chief financial officer Matt Smith, who is set to exit at the end of August.

Rachel Osborne

Rachel Osborne: ‘This is a challenging time for UK retail’

She joins the retailer after a two-year stint at Domino’s Pizza, having previously held senior roles at retailers including John Lewis and Kingfisher, as well as Vodafone and PepsiCo.

Osborne joins at a critical time for Debenhams, which in recent weeks has seen its credit insurance cut, its credit rating downgraded by Moody’s and put hundreds of roles across its fashion and home departments into consultation.

Chief executive Sergio Bucher said: “I am looking forward to working with Rachel. She has deep experience across a variety of retail and customer-facing businesses and her commercial expertise will be invaluable as we build a strong financial foundation to underpin the transformation of Debenhams.”

Osborne added: “I am delighted to be joining Debenhams. This is a challenging time for UK retail but Debenhams has a strong heritage, leading market positions and a credible plan for its future. I look forward to being part of the team delivering the transformation.”