Phase Eight chief executive Simon Rider has left the fashion retailer.

The retailer said that Rider had left to “pursue other executive opportunities” but would remain a shareholder. He is believed to have taken on a consultant role to the board.

The former head of Footlocker Europe joined the 70-store retailer in July 2007.

Phase Eight is backed by Icelandic bank Kaupthing, which is currently under the control of the Icelandic authorities following the collapse of the banking system in the country.

Kaupthing also has 20 per cent in fashion group Mosaic.

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