LONDON — British fashion retailer Karen Millen’s chief executive officer Mike Shearwood has stepped down from the post.
According to the firm, Shearwood had planned to lead a management buyout of Karen Millen, but its owner, Icelandic bank Kaupthing, had since decided “not to sell the business at this time,” the company said in a statement.
Shearwood had served as ceo of Karen Millen since 2007. Before that, he was the ceo of Aurora, which had at one time been Karen Millen’s parent company, until Karen Millen was spun off from Aurora in 2011. Shearwood stepped down from the board at Aurora late last year. Kaupthing is Aurora’s biggest shareholder, and the bank owns 90 percent of Karen Millen.
“We are extremely grateful to Mike for his significant contribution to the business over the years,” said Neil McCausland, chairman of Karen Millen. “I will be working closely with the management team to ensure the smooth and effective running of the business until a new ceo is appointed.”
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Shearwood added: “It saddens me to be leaving behind the brand after so many years, however I am confident that I leave behind an exceptional leadership team who will ensure that the repositioning of Karen Millen will continue to be a global success.”
As reported, Karen Millen has over the past few years been repositioned with a sleeker direction, with campaigns shot by Glen Luchford, David Bailey and Yelena Yemchuck.