Topshop's managing director Mary Homer is quitting the retail giant to head up The White Company.
Homer, who is leaving the company after 30 years, said her departure from Topshop is "very amicable". She served as the fashion giant's managing director for 11 years.
Retail tycoon and Arcadia Group boss Sir Philip Green said: "There’s no dramas, as will no doubt be portrayed."
Homer's departure comes amid a string of top dogs quitting Arcadia Group. These include Burton managing director Wesley Taylor, Topshop’ retail director Craig McGregor and Miss Selfridge’s creative director Yasmin Yusuf who have all left the group over the past year.
Green, who was investigated last year for the £1 sale of BHS to serial bankrupt Dominic Chappell, agreed to put £363m in cash towards BHS’ substantial pension scheme deficit last month.
Green is in line for a £15m refund on his contribution to the BHS pension scheme, it was revealed earlier this month.
However, his knighthood still remains under threat.
Responding to a Freedom of Information request, the Cabinet Office told City A.M.: “The government is taking the circumstances surrounding the collapse of BHS very seriously, including investigations by the Insolvency Service and the Independent Pensions Regulator.
"It is important to ensure any consideration of Sir Philip’s case by the Forfeiture Committee should have the benefit of the findings of the independent inquiries into BHS by the relevant regulators.”