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Debenhams names new chief executive

Debenhams has appointed Stefaan Vansteenkiste to the position of chief executive. Vansteenkiste has been working with the department store chain since April as chief restructuring officer… View Article

DEPARTMENT STORES

Debenhams names new chief executive

Debenhams has appointed Stefaan Vansteenkiste to the position of chief executive.

Vansteenkiste has been working with the department store chain since April as chief restructuring officer but is also a managing director of restructuring firm Alvarez & Marsal. His past experience includes involvement in a range of turnaround situations for companies like Intertoys, Vion Food Group, Diam International and Bally Shoes.

During the last few months, Vansteenkiste has been working closely with the Debenhams executive team on a new turnaround plan following the company’s administration in April. He will succeed Sergio Bucher who stepped down as chief executive after Debenhams was taken over by its lenders as part of the administration process.

Vansteenkiste’s appointment will result in Debenhams chairman Terry Duddy leaving the board in September after working through a handover period.

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.”

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