Ted Baker bosses quit as firm issues stark profit warning
Ted Baker has announced that Lindsay Page has resigned as Chief Executive Officer after only eight months at the helm of the troubled fashion house.
Chairman David Bernstein has also resigned and both departures come as the company issued a severe profits warning.
Rachel Osborne has agreed to become Acting Chief Executive Officer with immediate effect, the company said.
The London-based retailer said expectations for the period ending 25 January 2020 have been reduced to a minimum profit before tax of £5m, with a potential outcome of up to £10m dependent on Christmas trading and final year-end review. It’s a huge fall from the £50.9m pre-tax profit reported just last year.
“The last 12 months has undoubtedly been the most challenging in our history, yet the Ted Baker brand remains well supported by our customers, partners and trustees and we appreciate their ongoing support”, the company said in a stock market statement.
The search for a new Chief Executive Officer will commence in January 2020.
Page, 59, was appointed acting chief executive in December 2018 when Ted baker founder Ray Kelvin, stepped aside after hundreds of staff signed a petition complaining about inappropriate touching and sexual innuendo within the company.
Kelvin resigned in March, but has always denied all allegations of misconduct.
Ted Baker’s shares plunge 27% to £2.91 in London on Tuesday morning.