Swedish fashion chain KappAhl has "discharged" its CEO Johan Åberg with immediate effect and appointed CFO Anders Düring into the role on an interim basis.

Anders Bülow, chairman of the board said that while Åberg has put "a successful effort" into turning around the company's performance during the last years, the board decided that "new leadership with more industry experience is required" in order to achieve the company’s long-term targets.

The recruitment process for a new chief executive has been initiated, the company said.

Last week, KappAhl revealed profits almost halved in its third-quarter as a result of poor sales in May.

The company, which operates nearly 400 stores, said profit after tax amounted to SEK23m (US$1.78m) for the three months to the end of May, compared to SEK42m in the same period a year ago.