Harrods managing director Michael Ward will stay on at the business, reversing his earlier decision to leave the luxury department store.

Ward will stay on to help Harrods navigate “the changes in the UK’s current and future economic landscape”, according to Drapers.

Fashion director Helen David has been promoted to chief merchant, a role vacated following Marigay McKee’s departure to Saks in New York in 2013.

Ward, who has been with Harrods for 11 years, originally revealed his decision to resign in March, but two months later said that he would remain in his post until the end of January 2017.

He said in a statement today: “Due to the changes in the UK’s current and future economic landscape we need to ensure that Harrods continues to thrive and remains ahead of the competition.

“Therefore, following discussions with our executive chairman, to make certain that we continue to deliver growth and see the value of our most important investments come to fruition, I am pleased to announce that I will be staying on as leader of the business and will be working with the leadership team to outline a clear plan for Harrods for the next few years.”