In the news: Debenhams incoming chief financial officer Matt Smith profiled

Smith, who has been at Mothercare for just over a year, is understood to be leaving the maternity retailer on good terms. He has achieved much at his short time at the retailer, from its recent refinancing to improvements in stock management.

The refinancing was a proactive move by Smith designed to allow Mothercare to make investments in rejuvenating the business, such as opening new stores.

Mothercare was Smith’s second big retail role after cutting his teeth at Home Retail, where he spent 11 years, rising to finance director of Argos. Beforehand he spent 11 years at KPMG, where he became director of corporate finance.

A source close to Smith says that Home Retail in particular will have been a good training ground for Smith as the owner of Argos and Homebase is used to “running on a shoestring”.

Described as “a safe pair of hands” by the source, Smith pipped some big hitters, thought to include New Look finance veteran Alistair Miller, to the Debenhams post.

It is understood that his experience fits well with Debenhams’ key strategic priorities.

The department store is committed to becoming a multichannel, international retailer. Smith worked for one of the UK’s multichannel pioneers at Argos and Mothercare is one of the Britain’s most successful retail exports.

The Debenhams job was clearly a sought after one but it is one that comes with its challenges.

Simon Herrick, the most recent incumbent, was ousted following Debenhams’ miserable Christmas trading and his demands for a supplier discount just a few days before December 25, which was dubbed the ‘Santa Tax’ by the press.

Times are tough right now for Debenhams and boss Michael Sharp is working hard to correct the wrongs of the festive period including cutting back on discounting and improving its online delivery. This is already bearing fruit with like-for-likes returning to growth in its most recent quarter as full price sales improved.

However, Smith is used to working in pressurised environments from his time at Mothercare.

His departure will be a loss to the maternity retailer, which has just appointed former Shop Direct boss Mark Newton-Jones as its chief executive and fended off an unwanted merger attempt from US firm Destination Maternity.

It is understood that likeable Smith and Newton-Jones got on well.

Smith himself had ruled himself out of Mothercare top job telling Retail Week earlier this year that he is “too attached to my calculator”.

It’s clear that his addition to the Debenhams team will be a big plus for the retailer.