Evans Cycles boss Nick Wilkinson has left the bike retailer just over a year since new owners took on the business.
Wilkinson, who had been chief executive since 2011, is understood to have left on mutually agreed terms.
It comes after the retailer last month reported a 69% slump in full-year profits to £1.36m.
Evans’ private equity owners, ECI Partners, revealed at the same time it had pumped “additional” funds into the business as part of a refinancing effort. ECI acquired the retailer from Active Private Equity in May last year in a £80m deal.
“Nick’s departure was a mutual agreement and he and ECI have left on good terms,” a person familiar with the matter told the Press Association.
Evans’ chairman Mike Tomkins, the former boss of etailer M&M Direct, will be interim chief executive until a permanent replacement is found.
Wilkinson’s departure comes a month after Evans’ finance boss, Jonathan Blanchard, also left the retailer to join restaurant chain Carluccio’s.
Blanchard has been replaced at Evans by Steve Trowbridge, who joined last month from tools and equipment supplier HSS Hire.