Theo Fennell has re-instated its old boss Barbara Snoad after parting company with chief executive Pamela Harper who joined the luxury jeweller in 2007.
Harper, who has worked at Hermes, Escada and was credited with turning round the Burberry brand, had been hired by Theo Fennell to roll out its global expansion.
These plans had been curbed by the global downturn and over Christmas sales fell 21 per cent at the jewellery group.
Theo Fennell, a favourite of celebrities including Elton John and David Beckham, said that Harper’s resignation had been a “mutual decision.”
It said: “Given the dramatic change in the economic climate the business’s priorities have changed with a decision to focus on the core strong jewellery brand and the opportunities for developing it.”