Debenhams names Osborne as CFO at key time for chain

By

Sandra Halliday

Published
Aug 22, 2018

Debenhams on Wednesday named a new Chief Financial Officer, which may not be the most exciting news, but coming at a time when the firm’s finances are heavily under scrutiny due to its slow turnaround, it’s vitally important.

The company named Rachel Osborne its CFO, current finance chief Matt Smith having resigned back in April with his departure date set for the end of this month.

Osborne was formerly CFO of Domino's Pizza Group plc and has a strong retail background with previous roles at both department store operator John Lewis and DIY specialist Kingfisher. She joins Debenhams on September 17.

CEO Sergio Bucher said “she has deep experience across a variety of retail and customer-facing businesses and her commercial expertise will be invaluable as we build a strong financial foundation to underpin the transformation of Debenhams.”

Osborne herself admitted that “this is a challenging time for UK retail but Debenhams has a strong heritage, leading market positions and a credible plan for its future.”

And she’ll be a key part of that plan as the firm battles back to health in the face of a share price that has collapsed and cash flow issues. The company is reported to be planning the sale of its profitable Magasin du Nord Danish retail operation to boost its bottom line and Osborne would likely be a crucial player in any deal that emerges.