A man who helped turn Next into a multi-billion pound fashion retailer is leaving for a senior role at US brand Abercrombie and Fitch.
UK Cypriot Christos Angelides has been at the Enderby-based high street retailer for 28 years rising to one of the most senior members of the board.
During his time at Next he has seen it become more profitable than Marks and Spencers with a value of £10.1 billion.
Next announced his decision to leave to the stock market this lunchtime.
Within an hour shares in the company had dropped 115p to 6540p.
Mr Angelides – who has a degree in business and economics from De Montfort University – will become brand president of Abercrombie & Fitch and its kidswear division, which are based in Idaho.
He will remain at Next until September and start his new job in October.
He said: “I am honoured to join one of the most iconic apparel brands in the world.
“Abercrombie & Fitch is a storied brand with global appeal and a clearly defined aesthetic, and I am excited to help the brand continue to grow.”
In its statement to the Stock Exchange, Next said: “Christos steps down from the PLC board with immediate effect, but will remain working within the business until he leaves in September.
“Christos has made a huge contribution to the group in his 28 years of service and the board wish him success in his future endeavours.
“Following this announcement Next will have a balanced board, with four non-executive directors, four executive directors and an independent chairman – so the company does not intend to appoint any new directors to the PLC board as a consequence of this announcement.”
Mr Angelides, 51, has spent his whole career with Next and has served as group product director for almost 14 years.
Throughout that time, thanks to good branding, excellent products and a strong internet presence, Next has posted strong growth in sales and profits, and the firm has generated significant shareholder returns. The share value has risen ten-fold since 2000.
Mr Angelides, who is also a member of Next’s board of directors, has management responsibility for all product functions.
Prior to being named group product director, he held senior management roles including general manager of Next’s sourcing office in Hong Kong, womenswear product director and menswear product director.
He serves as chairman of Next Sourcing Limited and non-executive director of Lipsy, a fashion brand for younger women owned by Next.
In his new job Mr Angelides will report to Abercrombie & Fitch chief executive Mike Jeffries and will have overall responsibility for all product and customer service activities for the men’s, women’s and kid’s brands.
He will also be accountable for their financial performance.
Abercrombie & Fitch, which owns the Hollister and Gilly Hicks brands, has 842 stores in the United States and 157 stores across Canada, Europe, Asia and Australia.
Mike Jeffries said: “We are excited to welcome Christos to the Abercrombie & Fitch team and to deepen our bench of senior leadership talent.
“His experience with all aspects of running a business made him the perfect candidate for this newly created role.”
Mr Angelides said: “I look forward to working with Mike Jeffries and the rest of the A&F team at what is a very exciting time for the company.”
Leicestershire-based Next has almost 700 stores in more than 40 countries, while its catalogue and online business serves customers in 60 countries.
Christos Angelides also had the honour of running through the town of Stafford carrying the Olympic torch .