Ted Baker bosses quit as firm issues profit warning
Struggling fashion retailer, Ted Baker has today announced that Chief Executive Officer Lindsay Page – who only took up the role in April – has resigned following the firm’s profit warning.
Ted Baker now expects pre-tax profits to be between £5m and £10m.
Page had originally taken up the role following the controversy around his predecessor, founder Ray Kelvin and the ‘forced hugging’ allegations.
The Board accepted Lindsay’s offer to support a number of ongoing initiatives and assist an orderly transition of his role. The search for a new Chief Executive Officer will commence in January 2020.
Lindsay Page commented: “I would like to thank everyone at Ted Baker whom I have had the pleasure of working with since 1997. In particular, I am grateful for the team’s support over the last 12 months.
“I would also like to take this opportunity to thank Ray Kelvin for the opportunity he gave me 22 years ago to join this fantastic brand and help to achieve his vision of creating a truly international business. I am very proud of everything the team at Ted Baker has achieved together.
“Ted Baker continues to be a very strong global brand and I wish Rachel Osborne and the rest of the team every success in achieving further growth.”
Sharon Baylay, Acting Chair, commented: “The Board would like to recognise and thank Lindsay for his significant contributions to Ted Baker over the last 22 years. Lindsay played a key role throughout the development of Ted Baker into an international brand.”
The firm also announced that David Bernstein has stepped down as Executive Chairman with immediate effect. A search for his successor is already underway. Sharon Baylay has assumed the role of Acting Chair of the Board until a permanent successor is appointed.
Baylay said: “On behalf of the Board, I would like to thank David for his contribution to the Board of Ted Baker, as a Non-Executive Director, Non-Executive Chairman and, most recently, Executive Chairman. We wish David every success for the future.”