Alexon, which sold its loss-making menswear division Style Menswear to John Kinnaird for£1 this week, said in a statement that Martin will stand down to “concentrate on his other business interests”.
From March 1, Royal Mail non-executive director Richard Handover will become chairman of Alexon. Handover was formerly chief executive and chairman of WHSmith and a non-executive director of Nationwide Building Society.
Martin joined Alexon in 2002 as a non-executive director and was appointed chairman in June 2005. He was chief executive of N Brown for 18 years and was deputy chairman at the time of his retirement in 2005.