Negotiations under way to replace Iain Renwick
Liberty chief executive Iain Renwick has left the company with immediate effect.

The department store said in a statement that a new chief executive has been identified and that negotiations are at an advanced stage.

Renwick has run the retail group for the past four and a half years and has overseen the turnaround of the department store from heavy losses to nearly breaking even. He also led the remodelling and revamp of the Great Malborough Street store.

Executive chairman Richard Balfour-Lynn said: 'Iain has made a major contribution to the success of Liberty's retail business and has created a fantastic team of senior executives. In future, the company's focus will be on the expansion of its Liberty of London luxury brand, which requires a different approach and style of leadership.'