Debenhams chairman ousted by Mike Ashley

Retailer’s chairman Ian Cheshire steps down and CEO Sergio Bucher leaves boardThe chairman and chief executive of Debenhams have been ousted from the retailer’s boardroom after two major shareholders – including Mike Ashley’s Sports Direct – voted against them.The chairman, Ian Cheshire, stepped down immediately while the chief executive, Sergio Bucher, will stay on but not as a director. Related: Christmas sales: the winners and losers on the UK high streetRelated: