Department store chain, Debenhams has announced that chief executive, Michael Sharp, is to step down in 2016 having served almost a five year term.
The news comes as the retailer reported a 2.9% rise in underlying pre-tax profits to £113.5 million for the 12 months to August 29 - its first rise in annual profits for four years.
Profits were 7% higher on a bottom line basis and Sharp said the retailer's turnaround strategy was 'clearly working'.
Results showed UK like-for-like store sales fell 0.3% over the full-year, although this was offset by a 1.3% rise in like-for-like online trade as it boosted its web and mobile app offer.
International like-for-like sales lifted 1.1%, including an 8.1% surge for its Magasin du Nord chain.
Debenhams, which currently operates 161 UK stores, has been refreshing its ranges, cutting back on sale days and launching more concessions at its stores to revive sales.