Ed Krell, chief executive of US baby chain Destination Maternity, has left the business less than a month after his third and final bid to take over British chain Mothercare was rejected.
It also follows a second profit warning from the company in July, issued after sales fell by 6% in the third quarter to $134m (£80m).
Krell will be replaced by Anthony Romano, a member of Destination Maternity’s board, The Telegraph reports.
The US retailer made three failed attempts to woo Mothercare earlier this year, starting with an initial proposal on May 27, followed by another on June 1. Its last was on July 2, offering 300p per share, which valued the business at £266m.
Mothercare repeatedly rejected the offers, and blocked Destination Maternity’s attempts to carry out due diligence on the deal. Chairman Alan Parker said the bids did not “reflect the inherent value of Mothercare or its prospects for recovery and growth”.
Shareholders had also raised concerns about the US retailer’s ability to finance the deal, concerns which Destination Maternity said were unfounded.