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Urban Outfitters chief executive resigns

Glen Senk chief executive of US lifestyle retail group Urban Outfitters has stepped down to be replaced by the company’s founder and president Richard Hayne.

Senk joined the company, which also owns premium womenswear retailer Anthropologie, 18 years ago and became chief executive in 2007. He is believed to have resigned in order to pursue another opportunity although it is not known at this stage what this is.

Company founder Hayne will succeed Senk with immediate effect although it is believed that Senk will stay on in a consultancy capacity for an unspecified period.

According to reports in the Financial Times, shares in Urban Outfitters tumbled 19.2% to $23.77 (£15.50) on Wednesday January 11 as the news of Senk’s departure broke.

Senk is credited with increasing Anthropologie and Urban’s sales volume as well as rolling out new stores in the US and entering the overseas market with stores in European cities such as London.

In August Urban Outfitters reported a 20.9% decline in its second quarter net income. The company, which also owns the Free People chain in the US, made a profit of $56.7m (£34.7m) for the period to July 31, 2011, down from $71.7m (£43.9m) in the same period a year ago.

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