Debenhams names replacement for outgoing CFO

Debenhams has named Mike Hazell as its new CFO replacing Rachel Osborne whose move to Ted Baker was revealed earlier today.

Hazell has been with Debenhams for nine years and will assume the role following a handover period.

Debenhams chief executive officer Stefaan Vansteenkiste said: “I am pleased that we have such a strong internal candidate for the CFO role, with Mike having played a key part in the refinancing and restructuring activity over the past 12 months.

“I look forward to working with him and the rest of the leadership team on delivering our turnaround plan.”

Osborne was one of the few remaining board members to stay at Debenhams after it was sold in a pre-pack administration process to a consortium of its lenders. It is currently trading under a CVA.

She had only been with Debenhams for a year, having joined from Domino's Pizza last September. Her departure comes shortly after the company successfully fought off a challenge to its CVA plans from landlord Combined Property Control Group, which was backed in the move by Sports Direct.

Sports Direct had been Debenhams largest single shareholder before it was placed into administration. It had tried repeatedly to take control of Debenhams and install its chief Mike Ashley at the helm, but was persistently rebuffed.