LONDON, Aug 22 (Reuters) - Debenhams, the Britishdepartment store group that has issued three profit warningsthis year, said on Wednesday it had recruited a former chieffinancial officer of Domino's Pizza to be its newfinance chief.
Debenhams said Rachel Osborne, who has also worked fordepartment store rival John Lewis and homeimprovement retailer Kingfisher, would join the firm onSept. 17.
Matt Smith, the current CFO, informed the board of hisintention to leave Debenhams in April to take up the same roleat rival Selfridges. He will leave the group at the end ofAugust.
Debenhams said Osborne would receive a basic salary of439,000 pounds ($559,856). Bonus schemes mean her maximum levelof variable remuneration will be 200 percent of basic salary.
The group is in the second year of a turnaround plan underChief Executive Sergio Bucher focused on closing up to 10stores, downsizing 30 others, cutting promotions and improvingonline service.
Progress has, however, been hampered by changing shoppinghabits, a squeeze on UK consumers' budgets, a shift in spendingaway from fashion towards holidays and entertainment, as well asintense online competition.
Debenhams is also cutting capital expenditure and has saidit may sell non-core assets, including its Danish chain Magasindu Nord.
Earlier this month rival House of Fraser collapsed intoadministration and was immediately purchased by Mike Ashley'sSports Direct.
Sports Direct is Debenhams' biggest shareholder with a 29.7percent holding and analysts have speculated Ashley may try toengineer a combination with House of Fraser.
Shares in Debenhams, down 67 percent over the last year,closed on Tuesday at 13.4 pence, valuing the business at 163million pounds.
($1 = 0.7841 pounds)(Reporting by James Davey; Editing by Kate Holton and MarkPotter)
