Douglas Felderman has resigned as chief financial officer of budget apparel retailer Factory 2-U, leaving the company's senior vice-president of finance and planning John Swygert to take over the role in the interim.

Felderman, who resigned on Monday to pursue other opportunities, is the second senior executive to leave the San Diego-based company in the past month.

In December, CEO and chairman William Fields unexpectedly resigned amid a sharp drop in share prices.

Fields was replaced in the interim with a board-selected executive committee - of which Felderman and two other senior executives were a part.

Factory 2-U operates 243 retail outlets throughout the United States.