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The global fashion business journal

Nov 28, 20202:24pm

Ted Baker drops four executives following accounting error

The board of directors of the British fashion company will go from thirteen members to nine, as part of a strategic plan led by Rachel Osborne, current interim executive director of the brand.

Feb 18, 2020 — 7:03pm
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Ted Baker drops four executives following accounting error

 

 

Ted Baker reorganizes his leadership dome. The British fashion company will go from having thirteen members on its board of directors to nine. This change is part of the company’s strategic plan led by Rachel Osborne, current interim executive director of the brand, after accounting errors.

 

This change leaves out Mat Ashby, director of special projects, Donald Browne, director of production, or Steven Rickards, director of business processes, among others. All of them had been working for the company for more than twenty years.

 

“A new board structure was announced earlier this week, aimed at supporting business transformation and brand development,” a company spokesperson confirmed. These are not the first exits to take place at Ted Baker. Since the accounting errors were made public, Lindsay Page, director, and David Bernstein, executive president, left the company in December.

 

Ted Baker is immersed in a restructuring process. The year 2019 was a difficult year for the company after accounting errors emerged in the valuation of the stock. At the end of January, the company admitted that the accounting error was twice as large as it initially believed, leaving a 58 million-pound void (75.5 million dollars) in the balance, according to Deloitte’s calculations.

 

Throughout 2019, Ted Baker issued four profit warnings and closed the first half with losses of 23 million pounds (30.1 million dollars). It was the first time in more than two decades that Ted Baker registered red numbers.

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