Ted Baker Plc (TED.L), a lifestyle brand, announced Monday that Chief Executive Officer Ray Kelvin, who has been on voluntary leave of absence from his role since December 2018, has resigned with immediate effect. Acting Chief Executive Officer Lindsay Page has agreed to continue in this role.
Kelvin, who founded the business, took a voluntary leave of absence in December 2018, after allegations of misconduct were made against him. Since that date an internal Independent Committee has been in the process of investigating those allegations.
The Committee commissioned the law firm Herbert Smith Freehills LLP to investigate the allegations and the company's policies, procedures and handling of HR-related complaints.
Kelvin has denied all allegations of misconduct. He has, however, agreed to resign with immediate effect from his position as Chief Executive Officer and as a director of Ted Baker.
Further, the company said its board has asked David Bernstein to act as Executive Chairman to provide additional support to Page. Bernstein has indicated that he will continue in this position until no later than 30th November 2020, by which time a successor will be appointed.
The investigation will continue, with the primary focus of the remainder of the investigation being on Ted Baker's policies, procedures and handling of complaints. It is expected that HSF will conclude its investigation at the end of Q1 or early in Q2 2019.
Executive Chairman David Bernstein said, "Ray Kelvin founded the business 32 years ago and has, together with the fantastic team around him, been the driving force behind it becoming the global brand it is today. As founder and CEO, we are grateful for his tireless energy and vision. However, in light of the allegations made against him, 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."
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