Co-founder of fashion group Republic Carl Brewins has stepped back from day-to-day involvement in the business after 26 years.
Brewins, who will remain a non-executive director, has changed role because of personal reasons.
TPG took a 60% stake in Republic in a £300m deal in 2010. It bought out former owner Change Capital, the private equity house headed by former Marks & Spencer boss Roger Holmes. The founders retained substantial shareholdings.
Last summer Republic asked its banks for greater financial headroom, although it had not breached its covenants nor was in danger of doing so.
Republic was understood to be keen to take advantage of good property deals, as well as to improve its IT systems and introduce more brands.
The retailer has ambitions to double its store count to 200.
No comment was available from Republic or TPG.