Initially announced in October 2015, Debenhams has confirmed that Michael Sharp will step down as Chief Executive this year as he submitted his resignation today to the Board.
The process to appoint his successor is well advanced and details will be communicated in due course. As previously agreed, Sharp will continue as Chief Executive until his successor is confirmed to ensure an orderly and smooth handover.
Michael Sharp commented, 'It has been a privilege to lead Debenhams and I am very proud of our achievements since September 2011. I believe Debenhams is now capable of competing in the ever changing and challenging world of multi-channel retailing. We have a strong and talented management team and I would like to thank them and our 30,000 colleagues for their continuing support, hard work and passion.'
Sir Ian Cheshire, Chairman, said, 'On behalf of the Board, I would like to thank Michael for his service as Chief Executive of Debenhams. He has led the business through an unprecedented period of change for the sector, leaving the business in good shape for the future as today's results demonstrate. The foundations to deliver sustainable growth are in place.'