As widely expected, Ted Baker founder and chief executive Ray Kelvin has resigned from his role. This follows a series of harassment allegations which led to his taking a voluntary leave of absence from the business back in December. Kelvin denied all allegations but investigations by a law firm instructed by the board led to Kelvin agreeing to step down on a permanent basis.
David Bernstein, executive chairman of Ted Baker stated: “Ray Kelvin founded the business 32 years ago and has, together with the fantastic team around him, been the driving force behind it becoming the global brand it is today. As founder and chief executive, we are grateful for his tireless energy and vision. However, in the light of the allegations made against him, Ray has decided that it is in the best interests of the company for him to resign so that the business can move forward under new leadership.”
Acting CEO Lindsay Page is to remain in her role pending the appointment of a permanent replacement for Kelvin.
In February the business warned that its full-year pre-tax profit would be lower than forecast, at around £63 million, blaming foreign exchange movements and exceptional costs arising primarily from inventory write-downs and systems upgrades as well as its acquisition of No Ordinary Shoes and monies owed by House of Fraser. It will announce its full-year results on 21st March.
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