LONDON — Debenhams has appointed Rachel Osborne as chief financial officer. Osborne has experience working at major retail organizations including Vodafone as finance director, John Lewis as finance and strategy director and, most recently, finance chief at Domino’s Pizza. She will replace Matt Smith starting Sept. 17.
“This is a challenging time for U.K. retail, but Debenhams has a strong heritage, leading market positions and a credible plan for its future,” Osborne said in a statement. “I look forward to being part of the team delivering the transformation.”
The new hire comes after speculation that the British retailer is looking to eliminate up to 200 head office jobs within its fashion and home sectors, and news of restructuring. In a statement released last week, Debenhams is looking to strengthen three of its key pillars: beauty and beauty services, fashion and home, and food and events.
The retailer has tightened its operations to achieve annualized savings of 20 million pounds and is looking to strengthen its balance sheet with a material reduction in 2019 capital expenditure, in its latest trading update in June.
“I am looking forward to working with Rachel. 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,” said Sergio Bucher, chief executive officer of Debenhams.