Debenhams, the department store chain, has announced that Nigel Northridge, the former chief executive of cigarette company Gallaher, will become its new chairman to replace John Lovering. The company said Northridge will step up to the role on 1 April following the retirement of Lovering who has chaired the retailer since 2003 and led its flotation on the London Stock Exchange in 2006.

Yesterday, Lovering became chairman of pubs group’s Mitchells & Butlers, replacing Simon Laffin after Joe Lewis, the Bahamas-based billionaire, orchestrated a coup that saw three members ousted from the board.

Northridge is currently chairman of Paddy Power, the betting group, the senior independent director of Aggreko, the emergency power supply business and is a non-executive with Thomas Cook, the travel company and Inchcape, the car dealer. Northridge spent 32 years with Gallaher in sales and marketing roles, becoming chief executive in 2000, "a position in which he oversaw significant growth in shareholder value, leading to the sale of the company in 2007 for £9.4bn," Debenhams said in a statement.

Debenhams Chief Executive Rob Templeman said Northridge is an "outstanding candidate". He has a "wealth of experience in a number of businesses and industries which will be a major resource for the company. We look forward to his guidance as we anticipate the continued growth and development of Debenhams," Templeman said. Northridge said Debenhams had performed well during the recession, "growing profits and market share and restructuring its balance sheet. It has developed its own unique model in a very competitive marketplace. I look forward to playing my part in the continued success of this great British retailer."

Numis analyst Nick Coulter said it "looks like a strong appointment", noting he has a "rounded consumer background".

NamNews - Friday 29th January 2010

 

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