Debenhams confirms plans for chief executive to step down
As announced in October last year, Sharp will step down from his role this year and has now submitted his resignation to the Debenhams board.
In a statement, Sharp said: "It has been 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. We have a strong and talented management team and I would like to thank them and our 30,000 colleagues for their continuing support, hard work and passion."
Debenhams said the process to appoint his successor is well advanced. As previously agreed, Sharp will continue as chief executive until his successor is confirmed to ensure a smooth handover.
Sir Ian Cheshire, Debenhams chairman, added: "On behalf of the board, I would like to thank Michael for his service as chief executive of Debenhams. He has led the business through an unprecedented period of change for the sector, leaving the business in good shape for the future as today's results demonstrate. The foundations to deliver sustainable growth are in place."
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