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Ted Baker issues profit warning as top bosses quit

Ted Baker has issued a profit warning as it announces the departure of both its CEO and executive chairman. 

Lindsay Page has resigned as CEO with immediate effect, and will be replaced by Rachel Osborne as acting chief executive officer.

In a statement, the business said the search for a new CEO would begin in the new year.

Executive chairman David Bernstein has also stepped down with immediate effect. Sharon Baylay has assumed the role of acting chair of the board until a replacement is found. 

The departures come as Ted Baker issued the latest in a string of profit warnings, saying it now expects pre-tax profits for the year to January 2020 to be between £5m and £10m. 

In a trading update the business announced group revenue had fallen 1.2% in constant currency, on a reported basis for the 17 weeks to 7 December 2019. 

Last week, it was reported that Ted Baker had 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 issued a string of profit warnings this year, and 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.

 

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