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Debenhams is seeking a new CEO to help steer its restructuring as its current boss Stefaan Vansteenkiste prepares to step down from his role after less than a year at the helm.
According to Sky News, Vansteenkiste is to step down within the coming months and Debenhams has appointed headhunters Spencer Stuart to find a replacement.
Reports suggest that it has always been the case that Vansteenkiste, who only joined the firm from Alvarez and Marsal in August last year, was a temporary appointment and that the process has been ongoing for some time.
The news comes after the company announced its CVA proposals will be upheld after the time period for any appeal to be lodged has now expired.
The company confirmed that all relevant procedural matters dealt with at the CVA challenge hearing in February have been concluded “in its favour”.
This means the group’s shareholders to proceed with the final phase of its debt restructuring in due course, which is expected to take the form of a ‘Scheme of Arrangement’ resulting in the conversion of at least £100m of debt to equity.
The company claimed this will reduce the group’s indebtedness and provide a “robust” platform for Debenhams’ continuing recovery.
Vansteenkiste said: “This is great news for Debenhams. We can put the distraction of this litigation behind us and proceed with our plans to turn the business around.
“With committed investors, a strengthened board and a restructured balance sheet we have the platform from which to rebuild a sustainable business.”
Debenhams declined to comment on the reports.
