The CEO of department store group Debenhams, Rob Templeman, has announced he will retire from the retailer at the end of the current financial year.
Deputy CEO Michael Sharp will assume the role from September 5th 2011, with his predecessor staying on at the business one year after retirement to act as a consultant and to ensure a smooth transition process.
Templeman’s announcement comes on the same day that Debenhams reported that like-for-like trading in 26 weeks to February 26th dropped 1.3 per cent year-on-year.
Commenting on the departure news, Chairman of Debenhams Nigel Northridge said continuity of management and strategy will be assured despite Templemen’s retirement.
“Rob Templeman has made a huge contribution to Debenhams over the past eight years and the board is grateful for the leadership he continues to show,” he explained.
“Michael’s commitment to and knowledge of Debenhams are second to none and he has played a key role in managing the business at the highest level as Deputy CEO.
Templeman added: “I will remain fully engaged in managing the business until I pass on the baton to Michael in September and look forward to continuing my involvement for another year after that as Michael and the board see fit.”
News of the Debenhams CEO’s departure comes just weeks after another big retailer, Alliance Boots, revealed that Andy Hornby was stepping down from his role as group CEO.