Debenhams has hired the former finance boss of Domino’s Pizza in a bid to turn around the fortunes of its balance sheet.
Rachel Osborne will join as the retailer’s new finance executive next month on a basic salary of £439,000.
Provided certain performance criteria are met, Ms Osborne may also be eligible for variable remuneration of no more than double her basic salary.
New boss: Rachel Osborne will join as Debenham’s new finance executive on 17 September
On top of that, she will also have the chance to participate the retailer’s executive bonus scheme, which gives top bosses the chance of getting a bonus worth no more than 100 per cent of their basic salary.
A pension provision of 15 per cent of basic salary will be available to Ms Osborne, as will a car allowance of £17,850 and private medical insurance.
In the last year, Debenhams has issued three profit warnings as it battles to lure in customers online and in its stores.
Ms Osborne will replace Matt Smith, who jumped ship in April to take up a post as finance director at Selfridges.
Ms Osborne said: ‘I am delighted to be joining Debenhams.
‘This is a challenging time for UK retail but Debenhams has a strong heritage, leading market positions and a credible plan for its future. I look forward to being part of the team delivering the transformation.’
Shares in Debenhams are down 1.35 per cent or 0.18p to 13.18p.
All change: Ms Osborne is replacing Matt Smith, who jumped ship and moved to Selfridges
The appointment comes days after Debenhams said up to 90 of its staff employed in its fashion and home departments face having their jobs axed.
Debenhams is in the midst of a major cost-cutting drive and in January announced plans to ramp up efficiency savings, with another £10million earmarked for this financial year and £20million extra annually.
Chief executive Sergio Bucher, who is leading the shake-up, then went on to slash 320 store management roles in February.
In June, Debenhams issued its third profit warning this year as trading came in ‘below plan.’
To compound matters, Debenhams is also the subject of takeover talk, with speculation building that Mike Ashley is set to merge it with his newly acquired House of Fraser.
Billionaire Mr Ashley owns a stake of just under 30 per cent in Debenhams, which is close to the threshold at which he must launch an official takeover bid.
Earlier this month, Mr Ashley agreed to buy House of Fraser for £90million.
The deal was announced hours after the 169-year-old chain went into administration when talks with its creditors failed to reach an agreement.
Mr Ashley said his plan was to turn the 59-store chain in to the ‘Harrods of the High Street.’
Big plans: Mr Ashley said his plan was to turn the 59-store chain in to the ‘Harrods of the High Street’