Homebase managing director Paul Loft is leaving, which HRG said was at an "appropriate time," following the review.
Seven stores have closed this year and another 23 will shut by the end of March.
Home Retail Group, also the owner of Argos, reported a pre-tax profit of £13.5m for the six months to August 31, a five per cent fall on the previous on the previous year. Homebase like-for-like sales rose 4.1 per cent.
Multichannel sales were up 12 per cent to seven per cent of Homebase's business.
Chief executive John Walden said Homebase would become smaller and stronger after a three-year productivity plan.
He has rejected stories that HRG will sell Homebase.