First Quench Retailing’s acting chief executive and financial director Martin Healy has resigned and owner Vision Capital’s Johan Van de Steen has taken the helm.

The troubled Threshers owner’s chairman Van de Steen has become executive chairman and the retailer does not intend to seek a new chief executive in the near future.

First Quench has also hired Martin Boden as chief financial officer. He leaves genetics firm Genus, where he was group finance director. Boden also worked at GUS and WHSmith.

It is not known if Healy has another role to go to.

First Quench has struggled in the past 12 months, with a string of senior management exits and stock problems after credit insurance was reduced at the beginning of the year.