The chief executive of Ted Baker, who is facing allegations of misconduct, has taken a “leave of absence” from the company according to an announcement.
Read the full statement:
On 3rd December 2018 Ted Baker plc (the “Company”) announced that it had appointed an independent committee of Non-Executive Directors (the “Committee”) to ensure that the views and concerns raised in recent media reports and a petition are recognised and carefully considered and that appropriate responses are taken forward.
The Committee subsequently appointed Herbert Smith Freehills LLP to conduct an independent external investigation into the reports received.
The Committee and the Board have now been made aware of further serious allegations about the conduct of founder and Chief Executive Officer Ray Kelvin, which it will also be investigating.
Ray Kelvin has agreed, for the benefit of the business and the people who work in it, that he will take a voluntary leave of absence from his role with the Company while these allegations are investigated. The Board has appointed Chief Operating Officer Lindsay Page as acting CEO with immediate effect while Ray Kelvin remains on leave.
The Company will not make any further comment about the nature of the allegations that have been made while they remain under investigation. Further announcements will be made in due course as appropriate.
David Bernstein, Non-Executive Chairman, commented: “As previously stated, the Board has moved quickly to appoint Herbert Smith Freehills LLP to conduct a thorough and independent external investigation into recent reports regarding the company and its CEO.
“Ted Baker has great people across its global teams as well as a highly experienced operational Board underpinned by the strength and experience of our teams, I am confident that the business remains in a strong position to continue to deliver its long-term growth strategy.”