Jigsaw chief executive Peter Ruis has quit the fashion retailer as it prepares to provide an update on the sale of a stake in the business later this week.
According to Drapers, chairman Charles Atterton – who was joint chief executive with Jigsaw founder John Robinson from 1997 until 2013 – will return to an executive role as executive chairman.
Ruis, who led Jigsaw since taking over from Robinson and Atterton in 2013, said the decision to leave was not made “lightly” but said the retailer was “well set to continue its stellar growth in the future”.
”I have loved my time at Jigsaw, and been privileged to lead such a talented team in my four-and-a-half years here,” he said.
“It is not a decision I have taken lightly, and as I head off to my next challenge I feel immense pride in what has been achieved. The brand is well set to continue its stellar growth in the future.”
A Jigsaw spokesperson said Ruis’ departure was amicable.
“On behalf of the board we would like to take this opportunity to thank Peter. He will be heading to his next career chapter with our best wishes,” the spokesperson said.
Ruis’ exit comes a month after chief operation officer Richard Gilmore left to become Fred Perry’s new managing director.
It also comes ahead of an announcement on the sale of a stake in the fashion retailer, with an investment expected to have been agreed and will be revealed later this week.
Carphone Warehouse founder David Ross is reportedly in talks with Robinson, who is also a controlling shareholder in Jigsaw, about an investment deal reportedly worth around £10 million.
The fashion retailer grabbed headlines in October when it hired KPMG to assess offers for the business, including the sale of a stake.
Since then, Jigsaw has since attracted the interest of Aurelius Advisers, Office parent company Truworths, and South African fashion group Foschini, which already runs British fashion retailers Hobbs, Phase Eight and Whistles.
According to The Daily Telegraph, Foschini and Truworths are not involved in the investment talks anymore.
Although Jigsaw recorded a sales uptick in the lead-up to Christmas, higher import costs has still negatively affected the business.