Jaeger finance director Graham Edgerton has exited the retailer after 10 years, it is understood.
His departure will be a blow to the retailer as it comes just months after chairman Stewart Binnie left in March, nine months after taking the helm.
Edgerton was a key figure at Jaeger and had been working alongside Binnie and chief operating officer Carolyn Springett on the strategy and development plan of the retailer.
A spokesperson for Jaeger declined to comment.
Edgerton joined Jaeger as finance director shortly before Harold Tillman acquired the business in 2003.
Last year Tillman sold the business to Jon Moulton’s private equity group Better Capital, which hired Binnie to drive a turnaround of the struggling retailer.
Jaeger posted underlying losses of £8m in the year to February 29, 2012, when it was operated under the previous management, against a £1.6m profit in the prior year.