Intimate apparel company Frederick's of Hollywood has named CEO Thomas Lynch as its new chairman, replacing Peter Cole.

The company said it was terminating its consulting agreement with Performance Enhancement Partners, which had provided Cole's services as executive chairman. Cole will continue to serve as a board director.

Frederick's said Lynch and company president Linda LoRe would "lead the company forward as it continues to streamline its consolidation efforts and provide for the co-ordinated operation of its retail and wholesale operations".

Lynch thanked Cole for his efforts. "Mr Cole's business and financial experience is an asset to the company and we appreciate his continued service as a board member," he said.