British fashion retailer Debenhams said on Friday Iain McDonald has returned to its board as chair, replacing Tim Morris, as the company looks to focus on rebuilding its equity value after completing the initial stage of its turnaround.
Here are some details:
McDonald stepped down in February after Debenhams launched an equity raise, in which McDonald and his fund Belerion Capital invested about $5 million, making him the ninth largest investor in the group, per LSEG data.
McDonald, who had served as a non-executive director since June 2017, stepped down to facilitate his fund's participation in the funding earlier this year.
McDonald is currently chair and investor at London-listed cosmetics group Revolution Beauty, whose shares have soared over 60% so far this year.
Debenhams, formerly known as Boohoo, has seen its shares rise 8.6% so far this year.
Debenhams on Thursday reported a 13.9% rise in first-half adjusted core profit, driven by a return to growth at major brands including PrettyLittleThing, boohoo and Karen Millen.
Morris is stepping down with immediate effect after serving as chair for nearly two years and oversaw the group's new strategy, which was led by CEO Dan Finley.
As part of Friday's changes, Debenhams also appointed Michael Stewart and Stephen Rothwell as independent non-executive directors, bringing expertise in capital markets, investment management, technology and AI-enabled consumer platforms.
