The chief executive of department store Liberty has left the retailer with immediate effect. Daily Telegraph. Financial Times. The Times

Iain Renwick, who has held the top job four and a half years and is widely credited with turning the company’s fortunes round, left the retailer yesterday afternoon.

It is understood a new chief executive — who currently works with an existing luxury brand — has been lined up.

Liberty chairman Richard Balfour-Lynn said: 'Iain has made a major contribution to the current success of Liberty’s retail business and has created a fantastic team of senior executives. In future, the company’s focus will be on the expansion of its Liberty of London luxury brand which requires a different approach and style of leadership.'