Ted Baker PLC Resignation of Chief Executive Officer (6774R)
04 March 2019 - 6:01PM
UK Regulatory
TIDMTED
RNS Number : 6774R
Ted Baker PLC
04 March 2019
4 March 2019
Ted Baker Plc
("Ted Baker" or the "Group")
Resignation of Chief Executive Officer
Ted Baker plc announces that Chief Executive Officer Ray Kelvin
has resigned with immediate effect.
Mr. Kelvin took a voluntary leave of absence from his role as
CEO of Ted Baker in December 2018, after allegations of misconduct
were made against him. Since that date an internal Independent
Committee has been in the process of investigating those
allegations. The Committee commissioned the law firm Herbert Smith
Freehills LLP ("HSF") to investigate the allegations and the
company's policies, procedures and handling of HR-related
complaints.
Mr. Kelvin has denied all allegations of misconduct. He has,
however, today agreed to resign with immediate effect from his
position as Chief Executive Officer and as a director of Ted Baker
plc.
Acting Chief Executive Officer Lindsay Page has agreed to
continue in this role.
The board has asked David Bernstein to act as Executive Chairman
to provide additional support to Lindsay. David has indicated that
he will continue in this position until no later than 30th November
2020, by which time a successor will be appointed.
The investigation will continue, with the primary focus of the
remainder of the investigation being on Ted Baker's policies,
procedures and handling of complaints. It is expected that HSF will
conclude its investigation at the end of Q1 or early in Q2
2019.
Executive Chairman David Bernstein said: "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 CEO, we are grateful for his
tireless energy and vision. However, in 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.
As a board of directors, we are committed to ensuring that that
all employees feel respected and valued. We are determined to learn
lessons from what has happened and from what our employees have
told us and to ensure that, while the many positive and unique
aspects of Ted's culture are maintained, appropriate changes are
made. Sharon Baylay has agreed to act as the designated
non-executive director for engagement with the Ted workforce. Led
by Lindsay, we are confident that the strong and experienced team
we have in place will build the Ted culture and move the business
forward."
This announcement contains inside information.
Contacts:
Ted Baker
David Bernstein, Executive Chairman Tel: +44 (0) 20 7255 4800
Hudson Sandler
Michael Sandler / Alex Brennan / Hattie O'Reilly Tel: +44 (0) 20 7796 4133
Note to editors:
Mr. Kelvin will not be entitled to any salary or benefits
payment in connection with his resignation or in respect of any
period after the date of his resignation. Mr. Kelvin's 2016, 2017
and 2018 LTIP awards will lapse. Mr. Kelvin's vested 2015 LTIP
award, which vested over 19,873 ordinary shares in the Company,
will remain exercisable for a period of 12 months.
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END
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