Davies' decision to retire after four years as chief executive was announced as Thorntons said that underlying pre-tax profits would be lower than forecast.
The company said sales at its own stores continued slide, and Davies had decided that a chief executive with specific retail expertise was required to head the business.
He is to carry on in the role until a successor has been appointed. Chairman John von Spreckelsen is to stay on as executive chairman.
Thorntons credited Davies with restructuring and improving the company's manufacturing operations and its product range
However, the company warned that there had been a decline in commercial sales in late April and early May. Thorntons has taken a hit from retail giants competing in the same space.
In December, made its first foray into social networking as part of a revamp of its online communications.
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