Debenhams Appoints Amazon.com Executive Sergio Bucher as CEO

By Ian Walker

LONDON--Department store chain Debenhams PLC (DEB.LN) said Thursday it has appointed an Amazon.com executive as its new chief executive from Oct. 1, replacing Michael Sharp who announced last November he would step down.

The company, which trades from 253 stores across 27 countries, said Sergio Bucher, Vice President of Amazon Fashion Europe since 2013, will be paid a basic salary of 700,000 pounds ($784,000) a year and participate in the executive directors bonus sheme. His maximum bonus for his first year of employment will be 150% of basic salary, and 100% thereafter.

He will also receive an award under the performance share plan worth 200% of basic salary in the grant window that follows his date of joining, reducing to 150% after the first year. In addition he will get a pension of 20% of basic salary.

Debenhams confirmed last month that Mr. Sharp had resigned as CEO, effective June 24, after five years in the role as originally planned.

Mr. Sharp has a 12-month notice period that started April 14. He will receive his normal annual salary, benefits and pension supplement during this period. He will also be entitled to participate in and receive an annual bonus for fiscal 2016 in line with current terms.

-Write to Ian Walker at [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

May 26, 2016 03:09 ET (07:09 GMT)

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