Karen Hubbard is standing down as the CEO of Card Factory, the Wakefield-based greetings card and gifts retailer, after four years in the role.
The company says Ms Hubbard will vacate both the role and from the board at the end of June. A search for her successor will begin immediately.
Until a new CEO has been appointed, Chairman Paul moody will step into the role of Executive Chairman.
Ms Hubbard’s exit comes at a time when the retailer is experiencing a drop in profits.
“Karen has implemented a solid platform for future growth, recruited a strong Executive Board, overseen entry into new channels and markets and led the development of the refreshed strategy which is now more relevant to the market and macro-economic environment we face today,” the retailer said in a statement.
“As we look forward to the execution of this refreshed strategy, Karen and the Board have agreed that this is an appropriate time to transition to new leadership committed to the longer term successful implementation of the next phase of the Group’s return to growth.
“The Group will, as planned, provide greater detail of the refreshed growth strategy at the virtual capital markets event on 28th July 2020.”
Mr Moody said: “The Board would like to thank Karen for her important contribution to the company, made with passion and commitment, over the last four years.
“The Group has a strong customer proposition, the correct strategy for the next phase of development and a highly capable leadership team to deliver it.
“I will provide interim executive leadership, supported by Kris Lee and the executive team whilst we recruit Karen’s replacement.”