Ted Baker names CFO Rachel Osborne as the new Chief Executive Officer

The
financial challenges for the UK’s fashion retailer, Ted Baker (LON:TED) started
way before the Coronavirus pandemic hit the global economy. In its statement on
Monday, the retailer announced Rachel Osborne as the new Chief Executive
Officer of the company succeeding Lindsay Page who exited the role in 2019. Osborne
has previously been serving the role of the Chief Financial Officer at Ted Baker.

The
company also highlighted in its Monday’s statement that the search for the new
Chairman is still ongoing but is progressing well. Sharon Baylay, as
per the British retailer, will continue to lead the company as its acting
chair during the interim period.

Osborne
Joined Ted Baker As The CFO In November 2019

Other
credentials to Osborne’s name include her working experience at prominent retailers
in the UK like John Lewis, and Debenhams. She was brought on board at Ted Baker
as the CFO in November 2019. Osborne commented on the news on Monday and
stated:

“I
look forward to leading the business through this critical period of change and
seeing the benefits of our plan come to fruition.”

Ted
Baker had joined a long list of UK businesses earlier in March which announced a
temporary shutdown of countrywide stores to minimize the fast transmission of
the flu-like virus.

Ted
Baker’s previous CEO, Lindsay Page, had departed the company in December
following multiple warnings that the retailer is expected to see a
massive decline in profit attributed to challenging retail conditions
including steeper costs and undermined consumer spending.

Ted
Baker’s founder, Ray Kelvin, was alleged of misconduct in 2018. The top
shareholder firmly denied all such claims but later announced his departure
from the company. The management issues also reflected significantly in the
retailer’s financial performance.

Ted
Baker’s Performance In The Stock Market

At
the time of writing, Ted Baker is exchanging hands at 106 pence per share in
the stock market that translates to around 75% decline in 2020 so far.

Its
performance in 2019 wasn’t reported any better either with an annual loss of
around 70%. The stock opened at 1,550 pence per share in January 2019 but
closed the year sharply lower at 408 pence per share in December.

Ted
Baker’s performance in the stock market has remained largely downbeat following
a record high of 3,555 pence per share in 2015. The company currently has a
market cap of £47.85 million.