Debenhams appoints turnaround expert Stefaan Vansteenkiste as new CEO

Department store chain Debenhams has appointed Stefaan Vansteenkiste as its new chief executive officer.

Vansteenkiste, an experienced turnaround expert at professional services firm Alvarez & Marsal, joined the group back in April as chief restructuring officer.

Debenhams said he is a "seasoned" CEO and retail operator, having served as CEO or advisor at a number of large retail and consumer companies.

Chairman Terry Duddy will work closely with Vansteenkiste to ensure an orderly handover before stepping down in September.

Duddy said: "Stefaan has already made a strong contribution since joining Debenhams, and has the support of our investor consortium to drive forward our turnaround plan."

Vansteenkiste said: "The retail industry faces a challenging environment and everyone at Debenhams acknowledges that. But we have a clear plan and Debenhams has a great team of people who are committed to delivering it.

"I am very excited about Debenhams' strong prospects and with a restructured balance sheet there is a robust platform from which to build a turnaround, based on Debenhams' clear brand focus, broad customer reach and differentiated product offer."

The struggling retailer went into administration in April and is now owned by a group of banks that formed a consortium called Celine.