Stefaan Vansteenkiste will assume the role from chairman Terry Duddy who took over the position on an interim basis
Struggling department store group Debenhams has named restructuring officer Stefaan Vansteenkiste as its new CEO.
He assumes the role from retail veteran and Debenhams chairman Terry Duddy, who took over the position on an interim basis.
Duddy was expected to step down from the role once a new board of directors was appointed.
He commented: “The board welcomes Stefaan’s appointment as CEO.
“We concluded that he is the right person to take the business forward into the next phase of its recovery.
“Stefaan has already made a strong contribution since joining Debenhams, and has the support of our investor consortium to drive forward our turnaround plan.”
In March this year, the group secured a £200m lifeline from lenders after defeating a takeover bid by retail billionaire and Debenhams shareholder, Mike Ashley.
Since then, it has asked lenders for an additional £50m cash injection to cover the critical Christmas period.
Commenting on his new position, Vansteenkiste added: “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.”
He added that he was “excited” about Debenhams’ “strong prospects” and its “robust platform from which to build a turnaround.”
The group’s former CEO Sergio Bulcher was ousted from the company in April, after choosing to stay on at the retailer after his director position was revoked in January.