Rank Group CEO steps away after four years in role

Birch, who'd been in the role since May 2014, gave Rank twelve months notice of his resignation from the business on Wednesday, allowing him to join London retailer Shop Direct as its group chief executive.

Rank told investors further announcements would be made when a successor had been identified and that, in the meantime, Birch would remain in his current role to "ensure an orderly handover".

"The board would like to thank Henry for his significant contribution to Rank over the past four years and will continue to work closely with him and the executive management team during this leadership transition," Rank said in a note to shareholders on Wednesday.

As of 0830 GMT, shares had lost 2.90% to 218.00p.