Ted Baker hires headhunters to replace chairman
Embattled retailer Ted Baker has appointed headhunters to find a replacement for chairman David Bernstein, as it seeks to reshuffle its senior management team following a challenging year for the upmarket brand.
The retailer has hired consulting firm Korn Ferry to appoint a successor for Bernstein, who became chairman in 2013 and took on executive responsibilities earlier this year after founder Ray Kelvin became embroiled in sexual harassment allegations.
Read more: Ted Baker warns of £25m balance sheet error
Kelvin, who denies the allegations, was forced to step down as chief executive following the accusations.
Ted Baker non-executive director Karen Baylay is leading the hunt for a new chairman, and a shortlist of candidates has not yet been drawn up, the Sunday Times reported.
In March, the retailer said Bernstein, who joined the board in 2003, would step down as chairman by November 2020.
Ted Baker has seen its share price plummet more than 70 per cent this year, after a series of profit warnings and the allegations made against Kelvin dented investor confidence.
Read more: Moss Bros appoints ex-Ted Baker finance chief as CFO
The retailer, which is due to publish a trading update on Wednesday, was involved in further scandal last week after it warned investors it is set to take a hit of up to £25m after overstating the value of inventory on its balance sheet.
The company has appointed Freshfields Bruckhaus Deringer to investigate the issue and told shareholders that it estimates an impact on the value of the clothing stock of between £20m and £25m.
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