Joules boss Nick Jones has made the decision to exit the business as it continues to suffer losses.
Jones will step down from his role at the helm of the fashion and lifestyle retailer during the first half of its next financial year.
He joined the business in 2019 and has since navigated a number of issues including stock availability issues during his first Christmas, as well as the impact of the pandemic and consequent store closures.
Jones has also led the founding of the Friends of Joules marketplace and the acquisition of Garden Trading.
The news comes as Joules issued another profit warning, citing issues such as increased promotional activity, subdued demand for home and garden products, and reduced wholesale demand due to stock delays.
The retailer said it had delivered revenue growth of approximately 20% over the 11 weeks to May 1 but remained cautious about the outlook going forward.
Jones said: “Building on the strategic progress made so far, over the coming months we will continue to deliver against the clear priorities that the Board and I believe will create a strong foundation for Joules to achieve its significant long-term potential, as well as helping the business to navigate the current challenging trading environment.
“Joules is a fantastic brand with great people, loyal customers and a differentiated product offering. Underpinned by the strategic actions we are taking to optimise the business, Joules will emerge stronger and better positioned to achieve long-term, profitable growth.”
Non-executive chair Ian Filby added: “On behalf of the board and everyone at Joules, I would like to thank Nick for his significant efforts over the last three years. He has led the business with integrity, care and energy during what has been a particularly challenging period for the retail sector, including during the Covid-19 pandemic.
“Under Nick’s leadership, Joules has made good progress against its strategy to develop as a digital-led lifestyle group. More recently, he has led the business in implementing a number of important strategic initiatives that will underpin the group’s future over the coming years.
“The board will now begin a search process for Nick’s successor and will share an update in due course.”
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