Anders Kristiansen, the chief executive of fashion chain New Look has quit the firm.
New Look, owned by South African investment group Brait, said that Kristiansen’s departure was “mutually agreed”.
Managing director Danny Barrasso has been appointed interim chief executive while the board begins the hunt for a permanent successor.
Chairman John Gnodde said: “As New Look embarks on its next phase of development, we have mutually agreed that it is the appropriate time for a change to the leadership of the company.”
Last month, New Look revealed tumbling sales and earnings amid warnings of a “difficult” market.
The fashion retailer posted a 60.3 per cent plunge in underlying operating profits to £12.1 million for its first quarter ending 24 June after UK like-for-like sales dropped 7.5 per cent.
On a bottom-line basis, the group fell into the red with losses after tax of £15.2m against profits of £5.8m a year earlier.
It blamed tough conditions on the high street, but its ranges have also missed the mark in recent months.
Kristiansen said: “I have really enjoyed my time at New Look and it has been a privilege to work with so many amazing, hard-working and talented people.
“I am proud of what we have achieved as a company and have every faith in New Look’s future prospects and progression.”