Debenhams appoints turnaround expert Stefaan Vansteenkiste as new CEO
Department store chain Debenhams has appointed Stefaan Vansteenkiste as its new chief executive officer.
Debenhams
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15:45 08/04/19
General Retailers
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17:14 13/05/24
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.