Terry Duddy will take the reins in the interim as executive chairman<\/strong>, while a search for a new CEO is conducted.<\/p>\nIt comes after Debenhams was placed into a pre-pack administration which wiped out the holdings of all investors, including Mike Ashley\u2019s Sports D irect which had been desperate to take control of the retailer itself, and put it into the hands of lenders.<\/p>\n
The process will see the department store\u2019s debt reduced and comes ahead of a wider restructuring which will see around 50 stores close.\u00a0It also cleared the way for a \u00a3200m refinancing plan, announced in March, to go ahead.<\/p>\n
Debenhams said Mr Bucher\u2019s departure would allow new leadership to oversee the restructuring<\/strong> and turnaround of the business.<\/p>\nDuddy said: \u201cDebenhams now has a clear path towards a viable and sustainable future<\/strong> and we have Sergio and his team to thank for that.<\/p>\n\u201cWith a positive, professional approach, he has acted at all times in the company\u2019s best interests<\/strong>, and we wish him all the best for the future.\u201d<\/p>\nBucher joined from Amazon two years ago, where he ran the tech giant\u2019s European fashion business.<\/p>\n
Commenting on his departure, he said: \u201cNow that our new financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future.<\/p>\n
\u201cI would like to wholeheartedly thank all of my colleagues for their efforts<\/strong> and dedication during such a turbulent time, as well as our suppliers, partners and of course customers for their continued support.\u201d<\/p>\nBucher had already been forced off the retailer\u2019s board after Mike Ashley staged a coup which ousted him and former chairman Ian Cheshire in January.<\/p>\n
Ashley has threatened Debenhams with legal action over the administration process, calling it a \u201cnational scandal\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
The boss of Debenhams will leave the company following its pre-pack administration, it has been announced. Cheif executive Sergio Bucher is to step down this week, just under two years since he joined the high street retailer in May 2016.<\/p>\n","protected":false},"author":4,"featured_media":150182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[5,9762,6,10494],"tags":[3514,11421,11405,10836,13835],"acf":[],"yoast_head":"\n
Debenhams chief executive Sergio Bucher bows out - TheIndustry.fashion<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n