Debenhams chief executive confirms plans to step down

Michael Sharp will step down as chief executive of Debenhams this year and has today (April 14) submitted his resignation to the board.

The department store group said the process to appoint his successor is well advanced and details will be communicated in due course.

Michael will continue as chief executive until his successor is confirmed. He commented: “It’s been a privilege to lead Debenhams and I’m very proud of our achievements since September 2011.

“I believe Debenhams is now capable of competing in the ever-changing and challenging world of multi-channel retailing. We have a strong and talented management team and I would like to thank them and our 30,000 colleagues for their continuing support, hard work and passion.”

Debenhams chairman Sir Ian Cheshire said: “On behalf of the board, I would like to thank Michael for his service as chief executive of Debenhams.

“He has led the business through an unprecedented period of change for the sector, leaving the business in good shape for the future as today’s results demonstrate. The foundations to deliver sustainable growth are in place.”

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