Jones Apparel Group announced today that its C.E.O., Peter Boneparth, has resigned and will be replaced by the current C.F.O., Wesley Card.

Jones is in the process of selling Barneys New York at a hefty premium over what it paid to acquire the upscale department store three years ago. Last week, the Japanese company that owns the Uniqlo clothing chain offered to pay $900 million for it.

Other brands under the Jones Apparel umbrella include Nine West, Jones New York, Anne Klein, Gloria Vanderbilt, and Easy Spirit.

"Peter and the board agreed that this was an appropriate time to transition our leadership," said Sidney Kimmel, Jones' board chairman.

With his Wall Street background, Boneparth was at times a controversial figure during his five-year tenure at the helm of Jones. He focused on acquiring new labels and on cutting costs at more mature ones, like Anne Klein and Jones New York, the Wall Street Journal reports. Last year, he tried unsuccessfully to sell the entire company to private equity investors.

In March, the board announced that it would not renew Boneparth's contract when it expires in two years, so the news of his early departure isn't surprising. Investors drove the stock up more than 1 percent in morning trading.