The department store has also named 22 more store closures in 2020, putting 1,200 jobs at risk
Sergio Bucher joined the department store in 2016
Debenhams’ CEO Sergio Bucher is expected to step down from his role following the firm’s takeover by lenders.
Chairman Terry Duddy is tipped to take on the role on an interim basis as the hunt for a replacement begins.
The future of the department store chain has been under threat following a turbulent year of sales but was recently offered a lifeline from lenders.
Today, it has named 22 more stores it is expected to close in the UK in 2020, putting 1,200 jobs at risk, according to the BBC.
“Now that our new financing facilities are in place, it is time to move knowing the company is in good hands with a plan that will deliver a sustainable future,” said Bucher.
Bucher has been with the brand for more than two years and formerly served as Amazon’s VP for Fashion in Europe.
He added: “I would like to wholeheartedly thank all 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.”
Bucher previously lost his director position after two major shareholders, Mike Ashley and Micky Jagtiani, refused to back his reappointment.
Ashley and Jagtiani own 30% and 7% respectively of the business.