29th Jan 2020 10:10
(Alliance News) - Troubled retailer Ted Baker PLC on Wednesday said the search to find a new chair and chief executive is "progressing well" and added that it has introduced a new chief customer officer to its leadership team.
Non-Executive Director Jennifer Roebuck will become Ted Baker's chief customer officer, the company said.
Ted Baker explained: "As CCO, Jennifer will develop a customer and digital strategy across the business and explore new digital partnership opportunities to drive accelerated growth."
She will step down from her non-executive position in April, before joining the leadership team full-time.
Roebuck was formerly multichannel marketing director at fashion chain French Connection Group PLC and was most recently chief marketing officer at UK-focused beauty and cosmetics brand Feel Unique.
Acting Chair Sharon Baylay added: "Her background in digital transformation and brand marketing, particularly in the lifestyle and clothing sector will be of huge benefit to the leadership team, as they look to position the business for future success."
The two top-level roles at the once high-flying chain have been up for grabs since December, when Lindsay Page stepped down as chief executive and David Bernstein as chair.
Chief Financial Officer Rachel Osborne, poached from Debenhams PLC in September, became acting CEO. Non-Executive Director Baylay became acting chair.
Ted Baker said: "A search is underway to appoint a permanent chair and chief executive to the PLC board and this is progressing well. The composition of the board will be something for the new chair to review, once appointed."
It's been a tough time for Ted Baker since the departure of its founder early last year amid accusations of inappropriate hugging.
Earlier this month, accounting firm Deloitte found that the retailer had overstated the value of its stock by GBP58 million. Ted Baker acknowledged at the time this was "materially higher" than its December estimate of an overstatement of between GBP20 million and GBP25 million.
In December, Ted Baker downgraded its annual pretax profit guidance to a minimum GBP5 million and a maximum of GBP10 million. For the year ended January 26, 2019, the company had posted pretax profit of GBP50.9 million.
Shares in the company were 1.9% lower at 267.25 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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