Debenhams looks in-house for new chief to oversee recovery

Sergio Bucher is to be replaced as chief executive of Debenhams after the department stores chain was handed to its lenders via a pre-pack administration.

The new owners, including Barclays and Bank of Ireland and the Silver Point Capital and Golden Tree Asset Management hedge funds, are believed to have asked Terry Duddy, the retail veteran who is the company’s interim non-executive chairman, to become executive chairman.

A source close to Bucher, who joined from Amazon in 2016, said: “Having stayed on after the AGM and got the refinancing in place, Sergio thinks now would be the right moment to move on. The upcoming restructuring can then be led by someone offering a fresh start.”

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