The chief executive and chairman of retail fit-out specialist Styles&Wood have left the company in the wake of their failed management buyout and the company’s profit warning.

Neil Davies, the chief executive, will be replaced by Ivan McKeever, who is currently managing director. Davies will be a non-executive director until the end of the year to assist McKeever in the handover.

Chairman Gerard Quiligotti will become a non-executive director until the end of this year or until a replacement is found.

The plug was pulled on the private equity-backed buyout last month after the company told the stock market that it would not meet market expectations of £338m turnover in 2008.

Styles&Wood has a turnover of £315m.