Business

Debenhams appoints former Domino’s CFO as its Financial Officer

Debenhams announcement

Earlier in the week, Department store chain Debenhams announced that it has appointed Rachel Osborne as its new chief financial officer.

Rachel Osborne will be replacing Matt Smith who is leaving Debenhams for upmarket rival Selfridges.

In her previous jobs, Ms. Osborne was the CFO at Domino’s Pizza, she had also held executive roles at Kingfisher and John Lewis.

Debenhams announced that Ms. Osborne would be joining the company on September 17 after Mr. Smith departs at the end of August.

Speaking on her appointment, Ms. Osborne went on to say, “I am extremely pleased to be joining Debenhams. No doubt these are challenging times for UK retail,  however, Debenhams comes with a strong heritage, leading market positions and it also has a credible plan for its future.”

Speaking on the announcement Chief executive Sergio Bucher went on to say, “I look forward to working with Rachel. She possesses a lot of experience across a variety of customer-facing and retail businesses and in addition to that her commercial expertise will be invaluable as we aim to develop a strong financial foundation to aid the transformation of Debenhams.”

According to reports, 2018 has been quite a roller-coaster for Debenhams, it has had to face numerous profit warnings and back in July the company was forced to deny that it was facing a “ cash crisis”.

Since the start of the financial year, Shares in Debenhams are down 62 per cent.

Notably one of Debenhams main rival, Sports Direct owns 29 per cent of the company, however co-operation between the two companies till date have been limited to opening only a bunch of Sports Direct concessions in Debenhams stores which has been a factor for the reduction in Debenham shares.