Retailer Stage Stores has announced the imminent retirement of CEO Jim Scarborough, who will be replaced by current COO Andrew Hall.

Scarborough, who has spent more than eight years at the US company, is to continue as chairman of the board after his retirement from the role of CEO on 3 November.

Meanwhile, Hall, who joined the company in February 2006, will remain as president of Stage Stores when he takes up the CEO role. He will also continue to serve on the board of directors.

"I have worked with Andy for almost three years, and I am confident that he is the right choice to lead Stage Stores," said Scarborough.

"His unique combination of strategic vision and hands-on management experience will allow him to successfully lead our company through years of profitable future growth."

Hall paid tribute to Scarborough's tenure, saying: "Jim not only played the lead role in our successful reorganisation efforts, but he was also instrumental in bringing about many needed changes and improvements in our business."