Nigel Oddy has resigned from his position as chief executive of The Range, just over 18 months after he joined the value retailer.
According to Retail Week, Oddy’s departure was amicable and by mutual agreement with The Range founder Chris Dawson.
The news comes after Dawson paused plans to float The Range on the stock market due to “crap” market conditions and focus on other ways to grow the business instead.
Reports indicate that had the retailer pursued an IPO, it could’ve been worth up to £2 billion.
Dawson had reportedly hired Oddy to help enhance The Range’s appeal to potential investors.
The retailer raked in sales of £869 million last year, but profits dropped 22 per cent to £42.6 million thanks to the devalued sterling’s impact.
The Range was founded in 1989 in Plymouth and has 150 stores across the UK.
Prior to The Range, Oddy was chief executive of House of Fraser.
He resigned in April 2017, after almost two and a half years in the role and 10 years with the department store chain.