UK Retailer Debenhams Appoints Nigel Northridge Chairman

U.K. department store chain Debenhams PLC (DEB.LN) said Friday that Nigel Northridge will be appointed chairman April 1, following the retirement of John Lovering.

Northridge, aged 53, joined the Debenhams board Jan. 1. He is currently chairman of gaming company Paddy Power PLC (PLS.DB), senior independent director of Aggreko PLC (AGK.LN) and non-executive director of Thomas Cook Group PLC (TCG.LN) and Inchcape PLC (INCH.LN).

Northridge spent 32 years with tobacco firm Gallaher Group PLC (GLH) in sales and marketing roles, and than took over as group 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 GBP9.4 billion," Debenhams said in a statement.

Debenhams Chief Executive Rob Templeman said Northridge is an "outstanding candidate" to succeed Lovering.

Northridge 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."

Debenhams shares closed at 68 pence Thursday, valuing the company at GBP870.5 million.

-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; lilly.vitorovich@dowjones.com

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