NEW YORK ( TheStreet) --- Kenneth Cole ( KCP) shares are plunging Monday, following the resignation of the company's CEO.

CEO Jill Granoff stepped down from the company and gave up her seat on the board. Kenneth Cole didn't provide a reason for her departure, but said it was "mutually agreed" upon.

Kenneth Cole, the company's namesake chairman and creative officer, will succeed Granoff on an interim basis. Paul Blum, former president, will assume the role of vice chairman.

The apparel and accessories maker also reported that it narrowed its fourth-quarter loss. During the latest three months, Kenneth Cole lost $2.7 million, or 15 cents a share, on revenue of $120.8 million.

Kenneth Cole shares fell 7.5% to $12.93.

--Written by Jeanine Poggi in New York.

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