Debenhams Group has announced a series of changes to its board as Chair Tim Morris steps down.
Iain McDonald, who is currently a director at Revolution Beauty Group, Secret Sales Group and Belerion Capital Group, has now been reappointed as Non-Executive Chair of the company, having previously served on the board between June 2017 and February 2026.
Debenhams Group has also appointed Michael Stewart and Stephen Rothwell as Independent Non-Executive Directors, with immediate effect.
Stewart is a member of Chrysalis Investment Partners LLP, which he joined in March 2024, and was previously a member of 8C Capital LLP. He brings 13 years of experience in investment management and public markets as an investment professional.
Rothwell brings a wealth of technology experience to Debenhams Group, having founded and led AIM-quoted technology business Eagle Eye Solutions Group. He will provide valuable support to the board as the group continues to build a “world-class, technology and AI-enabled platform supporting its capital-light business model”.
The changes are intended to align the composition of the board with the group’s priorities for the next phase of its strategy. With the substantive elements of Debenhams Group’s operational turnaround now complete, the board’s focus is on “rebuilding equity value in the group”.
Dan Finley, Chief Executive Officer of Debenhams Group, said: “I would like to thank Tim for the significant and critical contribution that he has made to our turnaround. The business has been significantly strengthened during his tenure as Chair.
“We are also pleased to strengthen the board today with the appointments of Iain, Stephen and Michael. They bring significant experience in capital markets and advanced technology, which will benefit us as we continue to deliver our multi-year turnaround.”
Iain McDonald, Non-Executive Chair of Debenhams Group, added: “It was a very difficult decision to step away from the board of Debenhams earlier this year, and it is a great honour to be asked to return in the role of Chair. I am a material investor both personally and via the funds managed by my business, Belerion Capital Group, and this is a measure of the degree to which I believe in the potential of the business.
“The progress made over the past 6-12 months is significant and there is a real feeling of momentum in the business. I look forward to supporting the management team in their efforts to restore value and to engage constructively with all shareholders.”
Yesterday, 17 September, Debenhams Group, which owns the Debenhams, PrettyLittleThing, Boohoo, BoohooMAN, Karen Millen, Coast, Warehouse, Oasis, Burton, Dorothy Perkins and Wallis brands, revealed earnings had bounced back into profit in the past six months as “sales strengthened”.
The company said it expects earnings to continue to improve after efforts to cut costs as it makes progress with its major turnaround plan.
The most recent update continues to build on the positive trading updates from June and July, as well as two guidance upgrades over the last year. In January, the company raised its FY26 adjusted EBITDA guidance to approximately £50 million from £45 million, citing momentum at Debenhams and improved performance within its youth brands.
Debenhams told shareholders that gross merchandise value (GMV), the group’s preferred sales measure, increased by 1.8% in the six months to 31 August, compared with a year earlier.
GMV growth accelerated from 0.5% in the first quarter to 2.9% in the latest quarter, with the increase particularly driven by the Debenhams brand, which revealed a 14.1% sales increase, while Pretty Little Thing, Boohoo and Karen Millen all returned to growth.
Debenhams said it is on track with plans to secure £100 million in cost savings by next year. The group also said it hopes to reduce its net debt from £102 million to “negligible” levels after selling off parts of its business.
Earlier this week, Debenhams revealed the sale of young women’s fashion brand Nasty Gal for $16 million (£11.9 million) to WSG Brands. That came a week after the company announced the sale of its Sheffield warehouse for £90 million to Primark.