Embattled retailer French Connection has announced group finance director Roy Naismith has stepped down with immediate effect from today.
The company made a pre-tax loss of £10.5 million over the year to 31 January 2013.
Naismith, 51, joined the company in January 2001 and implemented a series of measures to turn around the performance of the retailer.
French Connection chairman and chief executive, Stephen Marks, said: “Roy has been a key member of the French Connection team for a considerable period of time.
“He has also been instrumental in providing strategic insight on the implementation of our recent initiatives, which are beginning to show progress.
“With these measures now in place, Roy has decided that now is the right time for him to step down.”
The company expects to make an announcement on Naismith’s replacement “in the near future”. Shares fell by 3% to 27.5 pence following the announcement.
French Connection announced last year that it was to review its retail operations following a decrease in profits.
French Connection saw revenues drop 8% to £197.3 million last year from £215.4 million in the previous 12 months.