Oroton's CEO has gone

Phone: Stefan Gosatti/Getty Images

Mark Newman has stepped down after four years as CEO of luxury retailer OrotonGroup.

The company said the resignation was “effective immediately”.

Newman joined the group in April 2010, first as vice president of Ralph Lauren Australia, and was the appointed CEO and managing director of the parent company in August 2013.

Ross Lane, a director and major shareholder, will act as interim CEO.

Chairman John Schmoll says: “I would like to thank him (Newman) for his loyal service and for leading OrotonGroup as it began its transformational change journey and we wish him all the best in his future endeavours.”

Oroton shares are trading at $1.62, down from $2.85 in November.

The retailer has been re-establishing its brand in the luxury end of the market, smartening up its stores and ending heavy discounting.

However, revenue have been challenged by weak Boxing Day and New Year sales.

In half year results announced last month, revenue was down 10% to $67.1 million and net profit dropped 52% to $1.8 million.

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