Plus   Neg

Ted Baker : Independent Investigation Finds 'several Areas For Improvement'

Ted Baker Plc. (TED.L) confirmed that the independent investigation conducted by the law firm Herbert Smith Freehills or "HSF" into allegations about former Chief executive officer Ray Kelvin's conduct (which he denies) and the Company's policies, procedures and handling of employee grievances has now been concluded.

HSF has identified several areas for improvement in the Company's HR policies and procedures. Meanwhile, Ted Baker said that it appointed Lindsay Page as Chief Executive Officer with immediate effect.

In light of Mr Kelvin's resignation with immediate effect on 4 March 2019, the conclusions and recommendations of the HSF investigation have focused on the Company's policies, procedures and handling of HR-related complaints.

The company said it will not be making any comment on the specific allegations which were made against Mr Kelvin.

HSF has identified several areas for improvement in the Company's HR policies and procedures. As a result, the company has already begun a refresh of its HR policies to ensure their alignment with current best practice.

Actions being taken include: Renewed training for all employees on HR policies and procedures and on acceptable workplace conduct; Maintaining an independent and confidential whistleblowing hotline;Enhancing the oversight of both people and culture matters at the plc Board.

Sharon Baylay will continue in her new role on the Plc Board as designated non-executive director for engagement with the Ted workforce.

The company noted that later this year it will conduct a survey open to all of the Company's employees about the working environment at Ted Baker in order to gauge views on the improvements that have been made, and any further ones that can be made in order to make Ted Baker an even better place to work.

Executive Chairman David Bernstein said, "We are determined to learn from this process and, moving forward, cultivate a better environment for all employees where they always feel respected and valued. We are implementing changes and improvements and are committed to developing best-practice HR policies and procedures that reflect the Ted culture we are looking to develop and enhance in the future."

In a separate press release, Ted Baker said that it appointed Lindsay Page as Chief Executive Officer with immediate effect.

Lindsay joined Ted Baker as Group Finance Director in February 1997 and took on the additional role of Chief Operating Officer in July 2014. In December 2018, he was appointed acting CEO.

The Nomination Committee is considering further board appointments, which will be announced in due course. As previously announced, David Bernstein will continue to support Lindsay in his capacity as Executive Chairman until a new Non-Executive Chairman is appointed.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The CEO of German engineering giant Siemens AG criticized U.S. President Donald Trump as becoming the "face of racism and exclusion" following his alleged racist comments targeting four progressive Democratic Congresswomen recently. "It depresses me that the most important political office of the world will be the face of racism and exclusion," Joe Kaeser said in a Twitter post in German. Volvo Cars issued a recall for 507,000 vehicles worldwide, citing a risk of fire due to a faulty engine component. The Swedish automaker reportedly said it has received reports of a small number of cars catching fire, but no one has been injured. The recall could affect certain vehicles produced during the period from 2014 to 2019 and having two-liter, four-cylinder diesel engines. Auction house Sotheby's said on the 50th anniversary of the Apollo 11 lunar landing, it has auctioned the three original videotape recordings depicting the event for $1.82 million in New York. The price is more than 8,000 times the price paid for the tapes by then-NASA intern Gary George at a government surplus auction in 1976. Apollo 11 was the spaceflight that first landed humans on the moon.
Follow RTT