US footwear DSW has announced the resignation of its president, Peter Horvath, saying he is “leaving the company to pursue another opportunity”.

Chairman and acting chief executive, Jay Schottenstein, said: “All of us at DSW appreciate the important contributions Peter has made to the brand. We wish him success in his future professional pursuits.”

Separately, the company has initiated a search for a new chief executive. Once the search is completed, Mr Schottenstein will retain the role of chairman.

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