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Debenhams CEO Sharp to step down in 2016

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 22 (Reuters) - Debenhams (Other OTC: DBHSF - news) , Britain's second largest department store group, said on Thursday its Chief Executive Michael Sharp would step down sometime in 2016.

The retailer said Sharp, who has worked for Debenhams or its predecessor, the Burton Group, for 30 years and became CEO in September 2011, had always intended to serve a five year term.

However, media reports last month said several of Debenhams' biggest investors were unhappy with the retailer's performance and had pushed for a board shake-up.

Debenhams said Sharp will remain in the post during the Christmas trading period and into 2016 and will assist the board in the process of identifying his successor. Internal and external candidates will be considered. (Reporting by James Davey; editing by Kate Holton)