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Chew Fook Aun, Chief Financial Officer of Esprit Holdings Ltd., has quit amid the company's efforts to rebuild after its profit plunged 98 percent last fiscal year, reports Bloomberg.

While the Hong Kong-based casual clothing chain says it has “lost its soul”, it has no plans to move its financial headquarters out of Hong Kong.

According to Bloomberg, Chief Executive Officer Ronald Van der Vis has said he plans to turn the retailer around by improving fashion designs to revive earnings in Europe while doubling China sales in four years.

“It’s going to raise a lot of questions as to why a member of the senior management resigns so suddenly,” Francis Lun, managing director at Lyncean Holdings Ltd. told Bloomberg. “It’s going to be a blow to investor confidence, especially as the company is undergoing some strategic changes and re-branding.”

Bloomberg says Chew was appointed chief financial officer in February 2009. He held the same position at The Link Management Ltd., manager of the Link Real Estate Investment Trust. He was also CFO at Kerry Properties Ltd. from 1996 to 2004.

Van der Vis plans HK$7 billion in capital spending over four years, mostly to expand or refurbish stores. A further HK$11.5 billion will be allocated to operational spending, of which HK$6.8 billion is for branding.

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