The CEO has advised the board of his decision to step down.
Solomon Lew, Chairman of Premier says McInnes has delivered a year on year record operational and financial performance.
McInnes is subject to a 12-month notice period. In addition, Premier has the option to restrain Mr McInnes from engaging in specified retail related activities for a further two-year period.
Shares in Premier Investments (ASX:PMV) are trading 2.1 per cent lower at $23.81.