Following the recent revelations that the value of Ted Baker’s inventory had been grossly overstated by between £20 million and £25 million, and a further profit warning, CEO Lindsay Page has left the business with immediate effect as has its chairman David Bernstein. Page had held the CEO role since the March departure of Ted Baker’s founder and CEO, Ray Kelvin. The business is now expecting its annual pre-tax profits to be between £5 million and £10 million following ‘worse than expected’ November and Black Friday trading. Alix Partners have been called upon to carry out an in-depth review of the retailer’s costs, business model and performance.
This latest ‘ill-wind’ sees recently appointed CFO Rachel Osborne become interim CEO whilst searches commence for a permanent replacement for the role, and Sharon Baylay drafted into the role of acting chair pending the appointment of a permanent chair.
Share