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Former Sports Direct CFO joins Ted Baker

Ted Baker has appointed former Sports Direct chief financial officer Jon Kempster as an independent non-executive director. 

Kempster has been a non-executive director and audit committee chair at IT service management company Redcentric since January 2017 and is a trustee of the Delta pension scheme.

The chartered accountant was CFO and executive director at Sports Direct from September 2017 to July 2019. 

Kempster will assume the role of chair of the audit and risk committee at Ted Baker and join the remuneration committee, effective immediately.

The appointment comes after the resignation of Ted Baker’s CEO, Lindsay Page, and executive chairman, David Bernstein, alongside a further profit warning last week. 

The business now says it now expects pre-tax profits for the year to January 2020 to be between £5m and £10m.

It was the latest in a string of profit warnings for the retailer this year, which swung to a pre-tax loss of £23m for the 28 weeks to 10 August 2019. It made a profit of £24.5m during the same period in 2018.

Earlier this month, Ted Baker appointed consultancy firm Alix Partners to conduct an in-depth review of its operations, and is also conducting an independent review into an error which resulted in it overstating the value of its inventory by up to £25m.

Ted Baker also announced today that Ron Stewart has stepped down as non-executive director of Ted Baker, latterly as senior independent director, after nine years. Helena Feltham has assumed the role of senior independent director.

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