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Debenhams turns to £700,000 Bucher

DebenhamsAW16Department store chain Debenhams has appointed Amazon's European fashion chief as its new chief executive.

Sergio Bucher, who has been vice president for Amazon Fashion Europe since 2013, will take up his role in October. He has previously worked at Puma, Nike and Zara owner Inditex.
As previously announced current chief executive Michael Sharp will step down on 24 June.
‘Sergio's wealth of ecommerce expertise, international experience and clear leadership qualities stood out. I am confident we have the best possible person to realise the potential of “new Debenhams” as a leading international multi-channel retailer with a bright future,’ says Sir Ian Cheshire, Debenhams chairman.
Bucher said he was excited to be joining Debenhams, ‘with its strong UK heritage, a growing international presence and a track record of supporting and developing brands and designers.’
He will be paid a basic salary of £700,000. He will be eligible for a bonus of 150% of his salary in the first year and 100% in subsequent years. In addition, he will receive an award under the Debenhams Performance Share Plan to the value of 200% of basic salary in the grant window that follows his date of joining. For subsequent years his maximum PSP award will be 150% of basic salary. For the first two years of his employment he will be provided with a housing allowance of £5,000 per month after tax. He will also receive £445,184 to compensate him for Amazon shares he would have received had he stayed.