Debenhams has appointed Iain McDonald as Chairman as the retail group moves into the next stage of its turnaround strategy.

Mr McDonald has returned to the company’s Board with immediate effect, replacing Tim Morris, who is stepping down after almost two years as Chairman.

His return comes as Debenhams, formerly known as Boohoo Group, looks to focus on rebuilding its equity value following the completion of the initial stage of its turnaround.

Mr McDonald previously served as a Non-Executive Director of the business from June 2017 before stepping down in February this year.

His departure allowed his investment fund, Belerion Capital, to participate in an equity raise by the retailer. Mr McDonald and Belerion invested around $5 million in the fundraising, making him the group’s ninth-largest investor, according to LSEG data.

He is also Chairman and an investor at cosmetics business Revolution Beauty.

The leadership change follows Debenhams’ latest half-year results, which saw adjusted core profit increase by 13.9%.

The improvement was supported by a return to growth across several of the group’s major brands, including PrettyLittleThing, boohoo and Karen Millen.

Mr Morris oversaw the introduction of the group’s new strategy, led by Chief Executive Dan Finley, during his time as Chairman.

Debenhams has also strengthened its Board with the appointment of Michael Stewart and Stephen Rothwell as Independent Non-Executive Directors.

The company said the pair will bring experience across capital markets, investment management, technology and AI-enabled consumer platforms.

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