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Debenhams names new CEO; chairman to step down

Debenhams PLC on Aug. 8 said it has appointed Stefaan Vansteenkiste as CEO.

Vansteenkiste joined the U.K. department store chain as chief restructuring officer in April, overseeing the struggling company's turnaround plan.

"I am very excited about Debenhams' strong prospects," Vansteenkiste said in a statement. "And with a restructured balance sheet, there is a robust platform from which to build a turnaround, based on Debenhams' clear brand focus, broad customer reach and differentiated product offer."

Debenhams also said that Chairman Terry Duddy will work with Vansteenkiste to ensure a smooth transition, and step down from the board in September.

"We concluded that he is the right person to take the business forward into the next phase of its recovery. Stefaan has already made a strong contribution since joining Debenhams, and has the support of our investor consortium to drive forward our turnaround plan," Duddy said in a statement.