Next Product Director leaves for US retailer

Next's share price dropped into the red on Tuesday after the British retailer announced the resignation of its long-running Executive Director and Group Product Director, Christos Angelides. Angelides, who joined the company back in 1986 and has worked in a number of buying and product management roles before being appointed to the board in 2000, has decided to "pursue a career opportunity with a retailer based in the USA", according to Next.He is currently responsible for all aspects of the design, buying, quality and merchandising of Next's products.Angelides is to step down from the board immediately, but will stay on with the group until September."Christos has made a huge contribution to the group in his 28 years of service and the board wish him success in his future endeavours," the company said in a statement.Next said it will have a "balanced board" following Angelides's departure with four non-executive directors, four executive directors and an independent Chairman. As such, it doesn't expect to appoint any new directors to replace him.The share price, which had been trading in positive territory earlier in the day, was down 1.2% at 6,545p by 14:41.BC