(Yicai Global) Feb. 9 -- Peacebird Fashion said one of its founders and the Chinese fast-fashion retailer’s second-biggest shareholder has resigned from all of his posts at the firm for personal reasons.

Chen Hongchao stepped down as a director and general manager at Peacebird, which is well-know for its women's wear, the Ningbo-based company said in a statement. Chairman Zhang Jiangping will be acting GM until a new one is appointed.

Peacebird appointed Li Zheng, former vice president at Derucci Healthy Sleep, as its deputy GM in December. 

Chen's term was scheduled to run from 2012 to the end of next year, the firm's 2021 annual report showed. Two other veteran executives left Peacebird in 2021. 

The company expects net profit to have fallen 71 percent to CNY195 million (USD28.8 million) last year due to Covid-19 and other adverse factors, it said on Jan. 30. That would be the first time that Peacebird’s earnings have declined since it listed in Shanghai in 2017.

Shares of Peacebird [SHA:603877] closed down 0.5 percent at CNY19.10 (USD2.80) today.

Editor: Tom Litting