Apr 15, 2019

Debenhams CEO Sergio Bucher set to step down

Debenhams' chief executive Sergio Bucher is expected to step down in the next couple of days following a protracted boardroom battle that led to the department store chain's eventual administration last week. "Having stayed on after the AGM and got the refinancing in place, Sergio thinks now would be the right moment to move on," said one person close to Mr Bucher. Mr Bucher is expected to be replaced by interim chairman Terry Duddy who has been on Debenhams' board for about four years, according to people briefed on the process. In January Mr Ashley, who through Sports Direct owned 29.9 per cent of Debenhams, succeeded in forcing Mr Bucher and chairman Ian Cheshire off the board when he voted against their reappointment at the company's annual meeting. Mr Bucher stayed on as chief executive while Sir Ian was replaced by Mr Duddy.

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