In a statement issued Monday, ASOS said it has begun searching for a replacement for Nick Batten, who joined the company about 12 years ago.
Matt Dunn, Chief Financial Officer, will take over Mr Bagton until a successor is appointed.
The change came as ASOS announced on Monday that its adjusted profit for the fiscal year ended August 31 had risen 36 percent to .6 193.6 million.
But the online fashion giant, known for dozens of items due to its innovative and affordable clothing, is facing a difficult year ahead of which sales are expected to decline.
Adjusted earnings for the current financial year are estimated to be between 110 110 million and 140 140 million less.
ASOS, like many other businesses, from supermarkets to petrol stations, is being affected by the ongoing supply chain crisis.
The firm said “significant cost increases” such as rising freight costs that bring goods into the UK, Brexit duty, labor cost inflation, and overseas shipments are also responsible for the gloomy forecast.
In addition to rising costs, the firm said it is also struggling to meet consumer demand as economies recover from cowardly lockdowns.
Following the announcement, shares of ASOS in London fell 16% but resumed trading on Monday morning.
In other board announcements, the ASOS said Ian Dyson would become chairman, replacing Adam Cruzier, who had previously announced his decision to step down.
Mr Dyson will lead the company’s search for a new CEO.
Meanwhile, Jurgen Lindman, chairman of the Danish-based online fashion retailer Mento, has joined the ASOS board as a non-executive director.
Mr Dyson said: “ASOS is a great business with a strong brand and a talented team, and I’m proud to be chair.
My top priority is to hire a new CEO to run the business, while Matt Dunn and the rest of the executive team will present our great strategic plan.
“I am delighted to welcome Jجنrgen Lundman to the team. He brings in-depth experience of international digital leadership businesses, which will complement the current expertise of the board.”