Debenhams boss Michael Sharp to step down in 2016

Michael Sharp chief executive of department store Debenhams is to step down in 2016 after five years in the role.

Sharp, who has been with the struggling retailer since 2011, will remain in post during the Christmas trading period and into 2016 to assist the Board until a replacement has been found to ensure an “orderly and smooth handover”.

Media reports have suggested that several of Debenhams’ key investors were unhappy with the department store’s performance and were pushing for a board shake-up, however, Debenhams is stating that Sharp had always intended to serve a five-year term.

Commenting on his departure, Sharp said: “I believe Debenhams is now capable of competing in the ever-changing and challenging world of multi-channel retailing. I accepted the job of chief executive with the intention of spending five years in the role and although it will be difficult to leave a fabulous company like Debenhams, now is the right time for the board to begin the process of identifying my successor.

“I will continue as chief executive throughout the Christmas trading period and into 2016 until a suitable successor has been appointed and settled into the role. 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. I hope being transparent about my intentions will stop recent speculation becoming a distraction, allowing me and the Debenhams team to focus on delivering our strategy and the important Christmas trading period.”

Michael Sharp to step down as CEO of Debenhams

Debenhams chairman Nigel Northridge added: “On behalf of the Board I would like to thank Michael for continuing to lead Debenhams through a crucial time of change in retailing and for the good progress the Company has made under his leadership.

“The Board are confident we have a clear and effective strategy and when Michael steps down, he will leave Debenhams in a strong position to compete and deliver long-term sustainable growth.”

Sharp has worked for Debenhams since 1985 when the department store was part of the Burton Group. Prior to being named chief executive officer he held various positions within the Burton Group including buying and merchandising director of Topman and managing director of Principles and Racing Green. When Debenhams left the group he served as trading director and chief operating officer before being promoted to deputy chief executive from 2008 to 2011.

Speculate on who will success Sharp has already started with the department store’s group trading director Suzanne Harlow, who has been with Debenhams for about 20 years, being named as an early frontrunner.