Retailer Debenhams has named Amazon Fashion boss Sergio Bucher as its chief executive, joining the company in October.
Bucher has acted as vice president of Amazon’s fashion arm in Europe since 2013, and his initial pay package will be worth up to £3.8 million, including a £700,000 annual salary, an annual bonus worth a possible £1.1m and long-term incentive shares potentially worth £1.4m.
The department store chain’s current chief executive Michael Sharp will step down on 24 June after nearly five years at the helm.
Sir Ian Cheshire, who recently joined Debenhams as chairman, said Bucher was the “best person” to take Debenhams forward.
“Sergio’s wealth of e-commerce expertise, international experience and clear leadership qualities stood out,” he said.
Bucher’s appointment ends a seven-month hunt for a successor to Sharp after he announced plans to leave in October, ending speculation over his role at the group amid shareholder pressure for a boardroom shake-up.
Sharp, who took the helm in September 2011, insisted he had always intended to leave after a five-year term.
But some of the retailer’s major investors were widely reported to have been unhappy with its performance and were seeking a boardroom overhaul after disappointing results in previous years.
Bucher’s other previous roles include serving as general manager of Nike Retail in Europe, Middle East and Africa.
He said he was “excited” to be taking up his new role, adding: “I look forward to working with its experienced and talented team to take Debenhams forward to an exciting new future.”