Mar 21 - The chief executive and chairman of budget fashion retailer New Look, which postponed a planned flotation in February 2010 and has since endured poor trading, have both left the company abruptly.

New Look store in Cardiff, UK

New Look said on Monday Tom Singh, the firm's founder and major shareholder, will return to the business as interim executive chairman, whilst a search for new leadership is undertaken.

"The board of New Look announces today that a change in the leadership of the company has been agreed. Accordingly (CEO) Carl McPhail has resigned from the board with immediate effect," the private-equity owned firm said.

It added that the board had also accepted the resignation of John Gildersleeve, who had been non-executive chairman since January 2010.

It said he had recently indicated his intention to retire to focus on other business interests.

(Reporting by James Davey, editing by Paul Sandle)