Failed Debenhams boss quits with £490,000 pay-off...

[dutchman]

The finance boss of Debenhams has quit the department store chain with a £490,000 pay-off only days after the firm unveiled a Christmas sales shocker.



Simon Herrick decided to resign as chief financial officer immediately and will leave the company next month, Debenhams said.

It declined to say why Herrick, who has been with the chain for a couple of years, was leaving his post.

But it comes after the chain issued a profit warning on New Year’s Eve, blaming price-slashing in the run-up to Christmas for a meagre 0.1% sales rise in the 17 weeks to December 28.

It said first-half pre-tax profit was likely to crash to about £85million from £115million a year ago.

Herrick also came under fire from investors late last year for asking suppliers for a discount in the days running up to the festive holiday.

Debenhams said Herrick would continue to get his £410,000 annual salary, £18,375 in annual benefits and an annual pension contribution of £61,500 in monthly payouts during his 12-month notice period, although he may lose part of it if he gets a new job.

Finance director Neil Kennedy will take on the role of acting finance chief while Debenhams tries to recruit Herrick’s successor.

Chief executive Michael Sharp said: “I would like to thank Simon for his hard work and ­contribution in the past two years. We wish him well.”