UK sports brand Umbro Plc yesterday (11 June) announced the resignation of its chief executive Peter McGuigan and said CFO Steve Makin will step into the role with immediate effect.

McGuigan, who has been with the company for the last eight years, will take up the role of chief executive at Americana, a private equity backed business which owns the Bench and Hooch trademarks.

A search process for a new chief financial officer is underway, the company said.