Ashley Leads Coup to Oust Debenhams Chairman, CEO From Board
- Shares plunge after investors vote against two officials
- CEO Bucher to keep management role after leaving the board
Pedestrians pass a Debenhams Plc department store in London, on Jan. 8.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
British billionaire Mike Ashley made one of his boldest moves yet, driving out the chairman of storied retailer Debenhams Plc just as the ailing department store chain teeters under a mountain of debt. The stock hit its lowest since 2006.
The coup led by Ashley, the controversial founder of the U.K.’s largest sporting goods chain, stirred speculation he may look to combine Debenhams with House of Fraser, another struggling retailer he rescued last year.