Jaeger is not planning to replace executive chairman Stewart Binnie, who this week has left the womenswear retailer after just nine months in the job.
Jaeger parent company Better Capital this afternoon confirmed his departure, adding there were “no immediate plans to appoint a successor, having two directors on the board of the company, both of whom intend to play an active role in its management activities”.
The former Aurora Fashions president took on a full time role in June, having worked for the retailer on a consultancy basis since April. He later took over from previous owner Harold Tillman as executive chairman.
After taking the helm Binnie revealed wide-reaching plans for the business, including introducing third party brands to its London flagship store, international expansion and an improved ecommerce platform. He told Drapers he aimed to return the business to its glory days of making £7m profit.
But, just a few months later, Binnie has stepped back.
According to a company statement he is now planning to “return to his non-executive activities on behalf of private equity-backed businesses and other companies”.
Nick Sanders, head of portfolio at Better Capital, said: “I would like to thank Stewart on behalf of the company for his efforts and for the changes that have taken place under his leadership. We wish him well in his new endeavours.”
Binnie added: “I have greatly enjoyed working with Better Capital over the last twelve months and have every confidence that, under its ownership, Jaeger will prosper in the years to come.”