Sergio Bucher has officially stepped down as CEO of UK department store retailer Debenhams Plc in a move that will allow new leadership to carry through the restructuring and turnaround of the business.
Bucher has served in the role since October 2017, after joining the company from Amazon Fashion Europe where he served as vice president.
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Lenders took control of Debenhams earlier this month as the retailer finally fell into administration, passing almost immediately through a pre-pack sale process.
The retailer, which has started the search for Bucher’s successor, said non-executive chairman Terry Duddy will assume of the role of interim executive chairman.
“Now that our financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future,” Bucher said. “I would like to wholeheartedly thank all of my colleagues for their efforts and dedication during such a turbulent time, as well as our suppliers, partners and of course customers for their continued support”.
Duddy added: “Debenhams now has a clear path towards a viable and sustainable future and we have Sergio and his team to thank for that. With a positive, professional approach, he has acted at all times in the company’s best interests, and we wish him all the best for the future.”
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By GlobalData
