Richard Baker is to step down from heading the board at furniture maker DFS, some time in the spring of 2017.
A statement from the company said: “A thorough process to appoint a new chairman, led on behalf of the board by senior independent director Mr Luke Mayhew, will commence immediately.
“A further announcement will be made in due course, once the effective date of Mr Baker’s resignation is confirmed, and a new chairman is appointed.”
The Financial Times reports that DFS’s share price has fallen 13% since it rejoined the stock market in 2015.
A statement from Baker said: “It will be two years from DFS’s IPO next spring and it will be a good time to pass on the baton of chairing this great British company.
“The transition to a public company has been successful; DFS has an experienced board and a strong management team. I will remain fully involved while my board colleagues look for a new chairman.”