4th Mar 2019 07:25
LONDON (Alliance News) - Ted Baker PLC on Monday said Chief Executive Officer Ray Kelvin has resigned with immediate effect following allegations of misconduct were made against him.
Kelvin took a voluntary leave of absence from his role as CEO of Ted Baker in December last year, after he was accused by the FTSE 250-listed company's staff of forced "hugging" and inappropriate touching and comments. Kelvin has denied all allegations of misconduct.
Since then, the company commissioned the law firm Herbert Smith Freehills LLP to investigate the allegations. It is expected that Herbert Smith Freehills will conclude its investigation at the end of the first quarter or early in the second quarter of 2019.
Meanwhile, the luxury clothing retail company said acting Chief Executive Officer Lindsay Page has agreed to continue in this role. Ted Baker has appointed Non-Executive Chair David Bernstein as executive chair to provide additional support to Lindsay.
Bernstein will continue in this position until no later than the end of November 2020, Ted Baker said, by which time a successor is expected to be appointed.
"Ray has decided that it is in the best interests of the company for him to resign so that the business can move forward under new leadership," said Bernstein.
"Led by Lindsay, we are confident that the strong and experienced team we have in place will build the Ted culture and move the business forward," added Bernstein.
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