Goldsmiths chairman Jurek Piasecki is to step down as chairman after more than 25 years with the jewellery retailer.

In a statement released last night, Baugur chief executive Gunnar Sigurdsson said: “We would like to acknowledge the tremendous work Jurek has accomplished at Goldsmiths over the years. Jurek is a well-known figure in the jewellery sector and is highly respected within the industry for his integrity and for building up the success of Goldsmiths.”

Piasecki was suspended last month after a boardroom bust up. Aurum Holdings, the retailer’s parent company, which is co-owned by Baugur, said Piasecki would retain a significant stake in the business.

It is understood Piasecki will continue to work with the retailer, but will receive a compensation package for stepping down. Piasecki sold a 36 per cent stake to Baugur to Baugur in May 2004.

Baugur took control of the jewellery retailer in 1999 after buying the business from private equity firm Alchemy for£77.1 million.

Piasecki will be replaced by Justin Stead, who joined the retailer as chief operating officer 18 months ago, with immediate effect.

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