Karen Millen chief executive Mike Shearwood has left the business after it scrapped plans for a management buyout.
Drapers understands the decision was a mutual agreement between Shearwood, who has been at the helm of Karen Millen since 2007, and its board.
Karen Millen chairman Neil McCausland said: “We are extremely grateful to Mike for his significant contribution to the business over the years and wish him all the best in his future endeavours.
“I will be working closely with the management team to ensure the smooth and effective running of the business until a new CEO is appointed.”
Shearwood added: “It saddens me to be leaving the brand after so many years; however, I am confident I leave behind an exceptional leadership team who will ensure the repositioning of Karen Millen continues to be a global success.”
In January Shearwood poured cold water on rumours of an imminent MBO, which began circulating after he stepped down from the board of Aurora Fashions. Karen Millen was spun off from Aurora, which owns Coast, Oasis and Warehouse, in 2011.
Today the business confirmed it is not for sale “at this time”.