Boots has been feeling the pressure from its rivals

Chief executive Richard Baker said that Howard Dodd decided to leave three weeks ago, a week before the warning.

"I have been considering this decision since the turn of the year," Mr Dodd said in a statement.

Two weeks ago the Nottingham-based firm warned of lower profits, saying trading since January had "deteriorated".

The group said it had been expecting a subdued market but sales had suffered as shoppers were opting to buy essential items rather than more expensive "treats".

Howard's conversation with me was before the profit warning, so it's evident that it's a personal decision Richard Baker, Boots chief executive Check Boots' share price

As a result, annual operating profits for the core Boots the Chemists are expected to be �465m-�475m, compared with analysts' forecasts of up to �500m .

Moving on

Speaking to the BBC, Mr Baker explained that Mr Dodd had decided to hand in his notice following a break.

"Howard came to me three weeks ago after a week's holiday and said he'd been thinking hard about his future and he'd decided to move on," he told BBC Radio Five Live.

"He's a determined individual and when he makes up his mind about something that's the way its stays.

"Howard's conversation with me was before the profit warning, so it's evident that it's a personal decision."

It's a bean counter moving on - the big problem for Boots is getting the beans in the first place Bryan Roberts, M&M Planet Retail

Mr Dodd will stay at the firm until it releases its full-year results in May, in order to enable "an orderly transition" Boots said.

The chain has been suffering as it cuts prices in a bid to battle stiff competition in the health and beauty sector.

The main price challenge has come from supermarkets such as Tesco and Asda, who have moved into Boots' traditional drugstore territory.

'Right direction'

Bryan Roberts, head of global research at M&M Planet Retail, said the news was "the latest example of not so great news from Boots" - but was not disastrous.

"It's a bean counter moving on - the big problem for Boots is getting the beans in the first place," he said.

"What worries me at the moment is the recent profit warning which indicates that margins are under pressure as Boots tries to realign its pricing structure.