Ted Baker’s share price dipped this morning after the retailer announced a long-serving board member will step down just a week after the firm’s chief executive and chairman quit.
Shares slumped more than five per cent after the embattled fashion brand announced that non-executive director Ron Stewart has left with immediate effect after nine years.
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Stewart’s exit follows the departure of chief executive Lindsay Page and executive chairman David Bernstein last week, which came as the stricken retailer issued the latest in a string of profit warnings.
Ted Baker’s shares plunged last week after it slashed full-year expectations to a minimum pre-tax profit of £5m. The company reported £50.9m pre-tax profit last year.
The profit warning was the latest blow for the firm following the discovery of a £25m balance sheet error earlier this month.
Stewart will be replaced by Redcentric audit committee chairman Jon Kempster. Helena Feltham has been appointed as senior independent director.
Sharon Bayley, acting chair of Ted Baker, said: “Jon has a wealth of relevant public company experience in multinational organisations across a range of sectors.
“In particular, he has a strong track record in the areas of corporate development, strategy implementation, and operational performance transformation.
“I would like to take this opportunity on behalf of everyone at the group to thank Ron Stewart for his valued input throughout his time on the Ted Baker board”.