Troubled French Connection has announced the abrupt departure of finance director Roy Naismith, just one month after slumping into the red after a dire year.
The clothing firm, which had taken a £1.3million hit by shutting stores in a bid to cut costs, had posted four profit warnings during the past 18 months.
Its young customers have flocked elsewhere for more relevant designs, heaping pressure on founder and chief executive Stephen Marks.
Marks has changed his senior team as he attempts to reinvent the UK business.
The firm (down 1.25p to 27p) said: ‘Roy Naismith has decided to step down... and will cease to serve as group finance director with effect from today. A search for his replacement is under way.’
Sources claimed his departure after 12 years was by mutual consent and that he would get a year’s pay as per his contract.
It has already appointed new heads of retail, design and marketing and has hired British socialite and model Suki Waterhouse (pictured) to front its latest collection in an attempt to spruce up its image.
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French Connection said it plans to sell loss-making stores, develop the clothing ranges, and improve customer service.