Women's apparel retailer Christopher & Banks Corp said its chief executive Larry Barenbaum stepped down Friday.

Christopher & Banks, which sells affordable clothing mainly for women in their forties and above, named president Joel Waller as the interim CEO.

Barenbaum, who was appointed at the helm in January 2011 and had been on the company's board since 1992, resigned from all his positions, the company said.

The Plymouth, Minnesota-based retailer said it has formed a committee to search for a permanent CEO.

Jules Rouse, senior vice president and general merchandise manager, is also no longer with the company, it said.

Shares of the company closed at $2.78 on Friday on the New York Stock Exchange. (Reporting by Ranjita Ganesan; Editing by Sreejiraj Eluvangal)