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BREAKING NEWS

Debenhams to name Stefaan Vansteenkiste as CEO - source

Debenhams to name Stefaan Vansteenkiste as CEO - source
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson/File Photo -
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Simon Dawson(Reuters)
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By Samantha Machado

(Reuters) – British department store group Debenhams will appoint Stefaan Vansteenkiste as its new chief executive officer, while Terry Duddy will step down as chairman in September, a source familiar with the matter told Reuters on Wednesday.

Vansteenkiste will replace Sergio Bucher, who stepped down from his role in April, shortly after the company was put into administration.

Debenhams declined to comment.

Sky News earlier reported the management changes and said http://bit.ly/2ZHBOpI the announcement will be made public on Thursday.

A replacement for Duddy will be named in due course, Sky news added, citing company insiders.

The changes come as the company faces a legal challenge funded by Sports Direct International Plc <SPD.L> to a restructuring plan.

Sports Direct’s Mike Ashley tried and failed to buy the department store group before it fell into administration in April, wiping out Sports Direct’s near 30% equity stake.

(Reporting by Samantha Machado with additional reporting by Akshay Balan and Bhargav Acharya in Bengaluru; Editing by Susan Fenton)

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