Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Debenhams names Stefaan Vansteenkiste CEO

Debenhams names Stefaan Vansteenkiste CEO
FILE PHOTO: A logo hangs above the Debenhams department store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File Photo -
Copyright
Simon Dawson(Reuters)
Euronews logo
Text size Aa Aa

LONDON (Reuters) – Struggling British department store group Debenhams on Thursday named turnaround specialist Stefaan Vansteenkiste as its new chief executive, promoting him from the chief restructuring officer role he took on in April.

The group went into administration in April, wiping out equity investors, and is now owned by lenders consortium Celine UK NewCo 1 Ltd.

Vansteenkiste is managing director of professional services firm Alvarez & Marsal (A&M), Debenhams said.

Since he joined A&M in 2003 he has been involved in a range of turnaround situations, including CEO and other roles at Intertoys, Vion Food Group, Diam International and Bally Shoes.

“The retail industry faces a challenging environment and everyone at Debenhams acknowledges that. But we have a clear plan,” he said.

Debenhams also said interim executive chairman Terry Duddy would step down from the board in September.

(Reporting by James Davey, Editing by Paul Sandle)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.