In a shock move, Debenhams CEO Stefaan Vansteenkiste is reportedly planning on stepping down from his position within months.

According to Sky News, Vansteenkiste had always been considered a temporary chief, stepping in at the end of the summer to support the company's financial restructuring. Now that the company's CVA with creditors cannot be challenged anymore, the group is free to proceed with the final phase of its debt restructuring.

Debenhams' new owners have reportedly appointed headhunter Spencer Stuart to lead the search for a successor. The company now wants someone who knows retailing inside out and can take the firm forward in the most challenging period for retail in decades.