Pacific Brands' managing director John Pollaers is stepping down after less than two years in the job following a disagreement with the board.
Mr Pollaers' resignation comes less than a month after the company, which owns the Jockey, Bonds, Sheridan, Hush Puppies and Clarkes brands, downgraded its profit guidance.
He took over the top job in September 2012, when Sue Morphet quit after five years at the helm.
Despite its well-known brands, Pacific Brands has struggled for many years. In the six months ended December, the company reported its first sales increase in five years but the increase was only 2.7 percent.
The company also reported a loss of $A219 million in those six months, and it is forecasting lower earnings, higher costs, including more restructuring costs and higher debt.
Chairman Peter Bush will step into the top job until the company can find a replacement but he will not be paid any extra for that work.
Mr Bush said Mr Pollears led a revitalisation of the company's culture, helped to simplify the business model and was trying to drive the performance of key businesses.
However, Mr Pollears and the board disagreed on the direction the company should take, a disagreement which became clearer after the company hired Macquarie Capital to conduct a strategic review, he said.