Dennis Pence, co-founder, chairman of the board and CEO of women's apparel retailer Coldwater Creek will retire at the end of this month.

Pence will retain his role as chairman of the board, the company said.

Following the announcement, the Coldwater board appointed the company's president and chief operating officer, Daniel Griesemer, to the position of president and CEO. Griesemer will also serve on the company's board.

Pence added: "I have had the extraordinary privilege to co-found and lead Coldwater Creek for 23 years, and I leave with complete confidence in our company's future.

"I am very pleased with the company's position in the women's specialty apparel sector, and with its potential for future growth."

Griesemer joined Coldwater in October 2001, and was promoted in March 2007 to president and chief operating officer.

He has been responsible for the company's sales, marketing and national retail store expansion, as well as all distribution centre and customer contact centre operations.