Destination Maternity CEO Edward Krell has stepped down after the company's failed bid for UK retailer Mothercare, and will be immediately succeeded by Anthony Romano. 

Krell, who joined the maternity wear retailer in 2002 as CFO and has served as CEO since October 2008, said this was a "logical time for a change in leadership at the company, and a logical time for me to pursue other opportunities".

"Under his leadership the company made important progress, strengthening management, enhancing operations, improving financial performance and increasing shareholder value," said chairman Arnaud Ajdler.

Romano, meanwhile, most recently served as president and chief executive officer of Charming Shoppes following its sale to Ascena Retail Group in May 2012.

He joined Charming Shoppes as executive vice president of business transformation/global sourcing in 2009. Prior to this, he held various positions at Ann Inc, including executive vice president and chief supply chain officer.

Destination Maternity last month reported a 36% decline in third-quarter earnings and 5.5% drop in revenues.

The company incurred charges in the period of $400,000 related to its planned headquarter and distribution facility relocations, and $500,000 related to its proposed business combination with Mothercare, which was withdrawn.

Destination Maternity had contacted Mothercare earlier this year to propose a cash and shares takeover. This would see a combination of the two companies under a new UK holding company, listed in the US.

Its offer of 300 pence per share was turned down by Mothercare because it did not reflect the inherent value of the company.