Business moves | Mike Ashley ditches Debenhams Board, installs himself as CEO

Struggling department store Debenhams has once again made headlines after retail tycoon Mike Ashley has made a bid to oust the firm’s Board and appoint himself as Director.

The announcement, which was made on the London Stock Exchange, revealed that the magnate intended to step down from his position as Director and Chief Executive of Sports Direct if he was appointed in an “executive role” at Debenhams.

The Sports Direct-owning business leader has recently concentrated efforts on acquiring highstreet retailers and has now set his sights on the influence of Debenhams, demanding that the Board appoint him in a Director position at a general meeting.

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In a statement directed at the London Stock Exchange last night, Debenhams stated:  "Sports Direct has today requisitioned a general meeting of Debenhams to appoint Mr Mike Ashley to the board of directors of Debenhams and to remove all of the current members of the Debenhams board (other than Rachel Osborne who became a director in September 2018)."