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A change at the top for Debenhams, not before time

The retail chain has finally announced a successor to Michael Sharp.
May 31, 2016

A big question over at high-street department store chain Debenhams (DEB) has been answered. Michael Sharp first announced his intention to step down from his role as chief executive last year, but the group has been slow to reveal who his replacement might be. At the time, news of his forthcoming departure was accompanied by mumbles about shareholder discontent and a possible ousting.

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That said, Mr Sharp was able to navigate the company through one of its most successful Christmas trading periods to date. Shares in the chain rose nearly 14 per cent the day it revealed that like-for-like sales had risen 4 per cent over the seven weeks to 9 January 2016.

The chief executive's exit is now confirmed for 24 June 2016, and Sergio Bucher - a former head of US giant Amazon's (US:AMZ) European fashion retail business - will take over. Mr Bucher will join the group in October with a basic salary of £700,000, although he has the chance to earn significantly more in various bonuses, should certain targets be met. In the meantime, finance director Matt Smith and trading director Suzanne Harlow will take care of day-to-day operations.