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The company, which specialises in plus-sized women's apparel, said its executive vice president Anthony Romano has been promoted as chief operating officer to oversee daily operations, while the board searches for a new CEO.
The company has appointed executive search firm Spencer Stuart to search for a new CEO.
Charming Shoppes also said Michael Blitzer, a principal of corporate advisory firm Portsmouth Partners, will join the board.
The Bensalem, Pennsylvania-based retailer's shares, which have risen threefold since Fogarty joined as CEO in April 2009, were down 10 percent in after-market trade. They closed at $4.35 Wednesday on Nasdaq.
(Reporting by Shobhana Chadha in Bangalore; Editing by Don Sebastian)