Debenhams and House of Fraser are perhaps the two most obvious examples of the revolving boardroom door that has characterised struggling businesses, but there are many others besides. Just this week, the chief executives of both Topshop and Ted Baker announced they are stepping down as the retailers battle to stem a tide of falling sales.

Contrast this with the smooth handling of Dave Lewis’ departure from Tesco next summer, which was announced in October as the grocer reported a substantial rise in half-year profits, and it serves to reinforce the maxim that boardroom stability and business performance are inextricably linked.

Once again this year it has been a candidates’ jobs market. Retailers are desperate to attract the top executives that can help them plot a course through a complex, rapidly changing market. This means people with a track record of delivering results are in a position of huge power to negotiate the most favourable package.