Debenhams Group (LON: DEBS), formerly boohoo group plc, the online fashion, home and beauty retailer, said the “substantive elements” of its operational turnaround are now complete. That work has included closing distribution centres, selling non-core brands such as Nasty Gal, and reducing net debt.
With immediate effect today, Tim Morris steps down from the Board and his role as chair, after leading the board through that process since joining in May 2021. Iain McDonald returns as Non-Executive Chair, having previously served on the board between June 2017 and February 2026.
Debenhams shares closed yesterday at 25.25p, valuing the company at roughly £397.2 million, within a 52-week range of 10.3p to 29.5p. No share-price reaction to the board changes has yet been confirmed.
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Two independent non-executive directors join the board alongside McDonald. Michael Stewart spent 13 years in investment management and public markets, including time at the investment firm Chrysalis Investment Partners. Stephen Rothwell founded the AIM-listed technology firm Eagle Eye Solutions Group.
Chief executive Dan Finley said the appointments reflect a deliberate shift in priority.
“We are 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.”
Dan Finley, Debenhams Group
McDonald said he is a material investor both personally and via the funds managed by his business, Belerion Capital Group, calling it a measure of how much he believes in the company’s potential.
The board changes align the board with the Group’s stated priority of rebuilding equity value and broadening and extending its shareholder base, rather than further operational cost-cutting.
