AllSaints chief executive Stephen Craig has resigned from his position following a “lack of clarity” between his role and chairman Kevin Stanford.
The move comes just five months after the fashion chain was saved from administration.
Chief financial officer Peter Wood will act as interim chief executive until a replacement is found. Investors Lion Capital and Goode Partners will take an active role in the day to day running of the retailer and “resolve the lack of clarity in leadership”.
Craig said: “I have led a great business through a critical phase in its development and I’m proud of what we’ve achieved. The current leadership structure is untenable given the lack of clarity of roles between the chairman, Kevin Stanford, and me and, as such, I believe it is the right time for me to explore other more entreprenial opportunities. I have remained with the business through a suitable period post the investment by Lion and Goode and will continue to make myself available for any further transitional requirements.”
Lion Capital partner Lyndon Lea said: “On behalf of the owners of AllSaints I’d like to thank Stephen for his invaluable contribution. Without his tireless determination I am certain that we would not be in the position today of owning such a well-positioned and dynamic brand.”
He added: “We also intend to resolve the question of leadership in the business through the appointment of a new chief executive from outside the company.”
It is understood Craig’s departure was announced to staff this morning.