Arcadia Group’s chief operating officer David Shepherd has stepped down from his role, after more than 25 years at the company.
Shepherd, who was formerly brand director of Topman for more than 13 years, decided to take an early retirement, Drapers understands.
It is believed the group will not replace his role.
Earlier today Arcadia denied reports that the business is splitting into separate brands ahead of a possible sale.
Reports claimed the company has already started “untangling shared functions such as human resources and IT”, but was waiting for its US legal challenges to be resolved before forging ahead.
A spokesman for the group said: “Following the formal completion of the CVA process last week, the board is now fully focused on implementing its turnaround plan across all its brands.”
Two US landlords, Vornado and Caruso, withdrew their legal challenges against Arcadia Group’s company voluntary arrangements last week.