Hargreaves is the son of Matalan owner John Hargreaves, who founded the fashion and homewares retailer in 1985, and will continue at the company as a strategic adviser for the board.
Steve Johnson, Matalan’s chairman, will lead the board as chairman starting this week and will oversee day-to-day operations alongside James Brown, the company’s chief commercial officer.
Hargreaves said: ‘‘After seven years at the helm, now is the right time for me to step down as the CEO into my new role. Providing our customers with the best value product in fashion and home is our heartland, and re-establishing this under my leadership has been a huge achievement.
‘‘The board under Steve’s leadership are now set up to continue this journey, and the recent addition of James Brown as our new chief commercial officer will provide the leadership on the trading floor to ensure we continue to grow from the strong base we have today.’’
Johnson said: ‘‘We would like to sincerely thank Jason for his leadership during his time as our CEO. Since joining, I have been impressed by the culture that Jason has created, and we are delighted that he will continue to provide strategic counsel to us.
‘‘His extensive knowledge, business relationships and experience will help to ensure the core family values remain embedded in the business.”
He added: “Over the past few years, Jason and the team have been successfully evolving the business and, despite the market challenges we are currently facing, we look to the future with confidence.’’