Mothercare chief executive Simon Calver has resigned, the mother and baby products retailer has confirmed.
While the company has offered no reason for his exit, the announcement has been made just six weeks after the retailer offered a profit warning in January.
The warning followed disappointing trading over the Christmas period, and a drop of 6.1 per cent in worldwide sales in the 12 weeks to January 4th.
Mothercare has since been carrying out a restructuring plan in an attempt to stem losses at its UK business that included the closure of many of its stores.
Calver – having lead the retailer for just two years – will leave next month.
Despite the exit, the retailer has said it remains confident in the underlying strength of the business and is commencing the search for a chief executive immediately.
Calver – who receives £250,000 payment in lieu of six months’ notice and a further £44,540 in contractual compensation – will provide transitional support until the end of March.
Alan Parker, CBE and chairman of Mothercare, said: “Since Simon Calver joined Mothercare in April 2012, under his leadership the company has made progress in implementing the Transformation and Growth plan.
“In particular, Simon Calver’s e-commerce expertise has allowed Mothercare to accelerate its development as a multi-channel retailer in the UK.
“We wish him well in the future. Mothercare has a strong executive management team which is very capable of running the business in the interim while the search for a new CEO is under way.”