Michelle Mone has resigned from the board of lingerie brand Ultimo and its parent company MJM International, which she founded in 1996.
She will focus now on a leading a major government review on supporting business start-ups in disadvantaged communities.
Ultimo said: “Michelle will spend most of her time on these new projects and commitments, leaving limited time for her engagements with Ultimo.”
Mone sold an 80% stake in MJM to Sri Lanka-based lingerie and sportswear manufacturer MAS Holdings last year. Ultimo said MAS continues to make “significant investments” in its omnichannel retail offering.
Ultimo promoted Petra Drali to the new role of managing director in June this year.