Ted Baker PLC Chief Executive Officer - Leave of Absence (8768J)
December 07 2018 - 10:27AM
UK Regulatory
TIDMTED
RNS Number : 8768J
Ted Baker PLC
07 December 2018
7 December 2018
Ted Baker Plc
("Ted Baker" or the "Group")
Chief Executive Officer - Leave of Absence
On 3(rd) 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."
This announcement contains inside information.
Ted Baker Tel: +44 (0) 20
7255 4800
David Bernstein, Non-Executive Chairman
Lindsay Page, Acting CEO
Hudson Sandler Tel: +44 (0) 20
7796 4133
Alex Brennan / Hattie O'Reilly / Nick
Moore
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements.
These forward-looking statements include matters that are not
historical facts or are statements regarding the Group's
intentions, beliefs or current expectations concerning, among other
things, the Group's results of operations, financial condition,
liquidity, prospects, growth, strategies, and the industries in
which the Group operates.
Forward-looking statements are based on the information
available to the Directors at the time of preparation of this
announcement, and will not be updated during the year. The
Directors can give no assurance that these expectations will prove
to have been correct. Due to inherent uncertainties, including both
economic and business risk factors underlying such forward looking
information, actual results may differ materially from those
expressed or implied by these forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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December 07, 2018 11:27 ET (16:27 GMT)
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