Harvey Nichols has axed its chief executive role as part of a restructure of its management team.

Stacey Cartwright, who has held the role at the luxury department store retailer since 2014, will take up the new role of deputy chairman from January 1, 2018.

Harvey Nichols said this would allow Cartwright to retain a certain level of control of the business while pursuing other non-executive interests.

She will be supported by two new co-chief operating officers, with group commercial director Daniela Rinaldi and group finance director Manju Malhotra taking up the roles and reporting to Cartwright and chairman and owner Sir Dickson Poon.

Harvey Nichols has been revamped under Cartwright, with a new beauty lounge, menswear department and grooming parlour, accessories hall and a cocktail bar.

Consequently, its profits more than halved, with pre-tax profits sliding to £2.6m in the year to April 2, 2016, compared with £5.4m the prior year. Sales were flat at £194.5m.