E-commerce company SurfStitch Group Ltd's administrators announced Dec. 22 that Mike Sonand has stepped down from his CEO post, effective Dec. 22.
SurfStitch is in voluntary administration, and trading of its shares have been suspended, the company said. As a result, a replacement has not been appointed.
"Depending on the outcome of the administration, a new or interim chief executive officer may be appointed in due course," the company said.
In the interim, the online apparel retailer will be led by a management team, supported by administrators John Park, Quentin Olde, and business advisory firm FTI Consulting Inc.'s Joseph Hansell.
Sonand will remain as a director of SurfStitch and its subsidiaries, the company said.