Paul Loft is stepping down from his role as managing director of Homebase.
The announcement follows the recent completion of a strategic review of the business by parent Home Retail Group (HRG), which will also lead to the closure of a further 80 Homebase stores.

In a statement, Homebase told diyweek.net: "Following the completion of the Homebase business review, Paul Loft, managing director of Homebase, and the group have agreed that now would be an appropriate time for Paul to step down from his role.

"Paul has agreed to remain in position until such time as a suitable successor has been appointed and to assist in an orderly transition of the leadership of Homebase."

Paul Loft has more than 25 years' experience in retailing in both finance and general management roles, the last nine of them being spent in his current role. His early career was spent in the Burton Group, where he held senior finance roles in a number of areas and ultimately finance director of Debenhams.

He has also been managing director of Shoe Express and Shoe City, the GUS Home Shopping businesses.

Earlier this month, HRG revealed that like-for-like sales at Homebase rose 4.1% in the first half. However, the retailer has been steadily closing stores and aims to shut down 25% of its 323 outlets over the next three years.

"Although economic indicators have more recently improved, several structural factors continue to affect home improvement retailing, including an excess of retail space, the rise of a generation less skilled in DIY projects, and the growth of non-traditional digital and multi-channel competitors," HRG said at the time.