In a statement, Card Factory said: "During her four years as CEO, Karen has made a significant contribution to the group, driving the evolution of the business from a recently listed company to an established plc that is the clear market leader in greetings cards.
"Karen has implemented a solid platform for future growth, recruited a strong executive board, overseen entry into new channels and markets and led the development of the refreshed strategy which is now more relevant to the market and macro-economic environment we face today.
"As we look forward to the execution of this refreshed strategy, Karen and the board have agreed that this is an appropriate time to transition to new leadership committed to the longer term successful implementation of the next phase of the group's return to growth."
The statement added: "The board and Karen have therefore agreed that she will step down as CEO and from the board at the end of June and a search for a successor will commence immediately. Paul Moody, chairman, will take on the role of executive chairman until a new CEO has been appointed and is in role.
"The group will, as planned, provide greater detail of the refreshed growth strategy at the virtual capital markets event on July 28 2020.
Paul Moody, the chairman commented: "The board would like to thank Karen for her important contribution to the company, made with passion and commitment, over the last four years. The Group has a strong customer proposition, the correct strategy for the next phase of development and a highly capable leadership team to deliver it.
"I will provide interim executive leadership, supported by Kris Lee and the executive team whilst we recruit Karen's replacement."
Karen commented: "I am incredibly proud to have led Card Factory over the past four years and to work with the exceptionally talented people that make Card Factory the great company that it is.
"Together we have undertaken a significant transformation across the organisation to support its future success. The refreshed strategy will provide a strong foundation for the future. I would like to thank all the colleagues across the business for their support throughout my leadership and wish the company and colleagues every success in the future."
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