Shearwood, who joined the footwear business in September 2016, has left with immediate effect.
Stella David, the company’s senior independent director, has been appointed interim CEO.
In a statement Clarks said: “Clarks recently learned that aspects of Mr Shearwood’s conduct, conversations and expressions fell short of the behaviours expected of all its employees on a number of occasions. In these circumstances the board has accepted Mr Shearwood’s resignation.”
In its most recent full-year results Clarks reported a loss after tax of £31.3m for the year to 31 January – down from a £26.5m profit after tax the previous year.
Group sales fell 7% year on year to £1.5bn. Underlying group operating profit fell 29% to £45.2m, but EBITDA rose 5% to £97.5m. Net borrowings were reduced to £27.3m, compared with £133.7m the year before.
Prior to working at Clarks, Shearwood was CEO of Karen Millen from 2009 until 2015.