Ted Baker appoints headhunters in search for new chairman
Ted Baker has appointed headhunters as it begins the search for a new chairman to replace David Bernstein.
The premium fashion and lifestyle brand has had a tumultuous year beginning with the scandal surrounding allegations of inappropriate behaviour of its founder and former CEO Ray Kelvin towards staff (which Kelvin denies), followed by profits warnings, a swing to an interim loss, and the revelation last week that the value of its inventory had been over-stated by up to £25m on its accounts.
Bernstein has been chairman of Ted Baker since 2013, having sat on its board since 2003. He had indicated previously that he intended to stand down by November of next year, and the company has appointed headhunters Korn Ferry to search for a replacement.
According to The Sunday Times, the arrival of a new chair could signal a shake-up of the top team at Ted Baker. Bernstein approved the appointment of long-standing COO Lindsay Page as CEO to replace Kelvin who stood down in March.
It has recently appointed Rachel Osborne as CFO, who joined following a brief stint at Debenhams. Osborne is highly regarded and it was following her arrival that the accounts overstatement was revealed.
The company has appointed law firm Freshfields and consultants from Deloitte to investigate the causes and extent of the overstatement and AlixPartners have been drafted in to scrutinise its operations and advise on a turnaround plan.
Ted Baker is due to update the market on trading this week and investors have said they are hoping for news of a strong Black Friday to bring some positivity to what has otherwise been a crisis-filled year for the former darling of the stock market.