Iain McDonald has returned as chairman of Debenhams, taking over from Tim Morris immediately. The move is part of Debenhams' ongoing efforts to turn around its fortunes. Formerly known as Boohoo Group, the company has been working to strengthen its financial position and improve performance. McDonald, a major shareholder, previously sat on the board from June 2017 to February 2026 before stepping down after an investment round in which his fund, Belerion Capital, put around $5 million (£3.7 million) into the company. McDonald and his fund now hold more than 17.8 million shares, placing them among the top 10 shareholders of Debenhams. The reappointment of McDonald comes as Debenhams continues to focus on rebuilding its equity value. Over the past year, the company’s shares have risen by 85%, reflecting progress in cost-cutting and improving profitability. In addition to McDonald’s return, Debenhams also announced the appointment of Michael Stewart, founder of AIM-listed Eagle Eye Solutions, and Stephen Rothwell to its board as independent non-executive directors. These appointments are intended to strengthen the board with expertise in capital markets and advanced technology, supporting the company's long-term turnaround strategy. Dan Finley, chief executive of Debenhams Group, expressed gratitude to Tim Morris for his role in the company’s transformation, acknowledging the significant progress made during his tenure as chairman. Finley highlighted the value of the new board members, citing their experience as a key asset in the company's multi-year plan to improve performance and stability. These leadership changes occurred just a day after Debenhams reported that its earnings had returned to profit over the past six months, driven by stronger sales. The company is also working to reduce its net debt from £102 million to "negligible" levels by selling parts of its business. Recently, Debenhams sold the women’s fashion brand Nasty Gal for $16 million (£11.9 million) to WSG Brands. This follows the sale of its Sheffield warehouse for £90 million to Primark, which plans to use the site to support home delivery services.