Retail executive Paul Dumbrell has stunned the board of Autobarn owner Bapcor by making a last-minute decision to pull out of the chief executive role just two days before he was due to step into the top job.

In an ominous sign, Bapcor shares were halted on Tuesday ahead of a trading update which is expected to outline sliding sales and profits. Conditions in the retail industry are softening as households cut back on spending.