 New Look store in Cardiff, UK |
New Look said on Monday Tom Singh, the firm's founder and major shareholder, will return to the business as interim executive chairman, whilst a search for new leadership is undertaken.
"The board of New Look announces today that a change in the leadership of the company has been agreed. Accordingly (CEO) Carl McPhail has resigned from the board with immediate effect," the private-equity owned firm said.
It added that the board had also accepted the resignation of John Gildersleeve, who had been non-executive chairman since January 2010.
It said he had recently indicated his intention to retire to focus on other business interests.
(Reporting by James Davey, editing by Paul Sandle)