Jaeger chief executive Colin Henry poised to leave two years after being brought in to revive the fortunes of the fashion retailer.
Henry has taken a leave of absence from the business that is not health-related, according to Sky News.
William, who is also chairman of etailer Boohoo.com, said he decided to depart because he did not “have the time required” for the role.
Better Capital-owned Jaeger is currently loss-making and in the year ending March 1, 2014 managed to reduce its pre-tax losses from £12.6m to £9.9m.
During the year it also posted a 12% rise in sales to £79.4m, while like-for-likes grew 10%.
Meanwhile, Jaeger posted a strong sales performance over Christmas after generating a like-for-like advance of 8% in the 13 weeks to January 3.
Better Capital was set up by investor Jon Moulton, who engineered the takeover of Jaeger in 2012 after acquiring much of company’s debt and shares after it fell into administration.
The move reportedly dismayed former owner Harold Tilman, who is understood to have made an approach to buy back the retailer from Better Capital at the end of last year.
Jaeger declined to comment.