Tofs chief executive Tony Page has stepped down and chairman Alistair McGeorge has taken the reins on an interim basis.
Page, a former director of Woolworths and Asda, has been at the helm of the off-price department store business since 2013.
During his time there, he helped rebrand the business from The Original Factory Shop to Tofs.
McGeorge, who spearheaded New Look’s turnaround between 2011 and 2014, will add to his current role as non-executive chairman and will take over Page’s responsibilities with immediate effect.
McGeorge will lead a search to find a permanent replacement for Page.
Page said: “It has been a very fulfilling three years with the business. I have loved working with my team, and colleagues across the company, all of whom are truly unique and at the heart of their communities.
“The team should feel very proud of the achievements so far and of the great plans in place for the coming years. I wish the whole team well, and I am excited by the prospect of fresh and equally stimulating challenges ahead.”
McGeorge said that Page had built a platform from which to “accelerate the company’s growth”.
“Since I joined the business and became non-executive chairman in September last year, the team has undertaken a thorough review of the strategy. This review demonstrated that the opportunity for Tofs is even greater than ever,” he said.
Tofs, which currently trades from more than 200 shops, has long held ambitions to expand to 600 stores and had been growing its presence to larger towns and retail parks.
The retailer posted a 6.3% jump in EBIDTA before exceptional items to £15.1m in its last financial year to March 27, 2016. Sales jumped 5.9% to £184.5m during the period.