Jan 10, 2019

Mike Ashley pushes Debenhams chair, CEO from board

Mike Ashley, the Sports Direct chief executive, has pushed the chairman and chief executive off the board of Debenhams by voting against their reappointment at the company's annual meeting on Thursday. Former Amazon executive Sergio Bucher will continue to run the company for the time being, but will not sit on the board. At the time of Sport Direct's own interim results in December, Mr Ashley revealed he had offered to lend the struggling department store group £40m to help it refinance itself, and said its refusal to engage "Makes you want to blow your brains out". Sports Direct has no board representation at the company, and accounts for Debenhams as an investment rather than associate. Another corporate adviser said other investors had been losing faith in the company.

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