IWP chief executive Jim Murphy has announced he will step down as head of the Dublin-listed toiletries group.

Mr Murphy said yesterday he would leave the company once a replacement had been found because he does not want to relocate to the UK.

IWP International in March announced plans to close its head office in Dublin and relocate to Skelmersdale, near Liverpool in England, where its Constance Carroll business is based. The company will remain Irish-listed and Irish-registered.

In a statement to the stock exchange yesterday, IWP's board said it regretted Mr Murphy's decision to leave, but fully understood his circumstances. Mr Murphy has been chief executive since September 2003.

IWP, which produces branded and own-brand cosmetics, fragrances and toiletries, said in March it would close its Irish head office in Dublin's Fitzwilliam Square to reduce the company's cost base. The closure and associated costs will lead to a exceptional charge of €6 million, the company said.

IWP's shares were unaffected by yesterday's announcement.