Chairman Jim Hodkinson said: 'Val has given a tremendous amount to the business over the past 27 years and, on behalf of my board colleagues and all our employees, I would like to thank her for her contribution and wish her well for the future.'
Last month, deputy chairman and co-founder Paul Wright also resigned from the board. Commenting on Kaye's resignation, Teather & Greenwood analyst Rhys Williams said: 'This is not much of a surprise, considering that she founded the business with Wright, who left last month. While the number of directors leaving on the face of it looks worrying, this is not the case, with Ideal Shopping continuing to trade strongly and the management improving in terms of professional outlook.'
Hodkinson is also set to retire as soon as a suitable replacement is found. He joined as chairman in 2004 and is retiring to spend more time on other business interests.
Williams said: 'Ideal Shopping still retains two non-executive directors (the norm for a£70 million market cap company). The search for a new chairman and a new non-executive director is progressing well and we expect an announcement very soon on both of these positions.'