December 17, 2019 / 7:47 AM / a month ago

Ted Baker loses long-time director week after CEO, chairman exit

Dec 17 (Reuters) - Ted Baker’s non-executive director Ron Stewart has left the company after nine years, the troubled fashion retailer said on Tuesday, a week after the departure of its CEO and chairman.

The company’s management has come under pressure since Ted Baker said earlier this month it may have overstated inventory by as much as 25 million pounds ($32 million) following multiple profit warnings for the year.

The problems cap a tumultuous year for Ted Baker after misconduct allegations against Ray Kelvin, its founding former CEO and top shareholder, forced him to leave the company. Kelvin has denied the allegations.

The British company appointed Jon Kempster and Helena Feltham as independent non-executive director and senior independent director, respectively, on Tuesday.

Last week, it named recently appointed Chief Financial Officer Rachel Osborne as interim CEO, and Sharon Baylay as its acting chair.

$1 = 0.7794 pounds Reporting by Tanishaa Nadkar in Bengaluru Editing by Saumyadeb Chakrabarty

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