Edition:
United Kingdom

Ted Baker Says CEO Ray Kelvin Resigns With Immediate Effect


Monday, 4 Mar 2019 

March 4 (Reuters) - Ted Baker PLC ::RESIGNATION OF CHIEF EXECUTIVE OFFICER.ANNOUNCES THAT CHIEF EXECUTIVE OFFICER RAY KELVIN HAS RESIGNED WITH IMMEDIATE EFFECT.ACTING CHIEF EXECUTIVE OFFICER LINDSAY PAGE HAS AGREED TO CONTINUE IN THIS ROLE..BOARD HAS ASKED DAVID BERNSTEIN TO ACT AS EXECUTIVE CHAIRMAN TO PROVIDE ADDITIONAL SUPPORT TO LINDSAY.BERNSTEIN INDICATED HE WILL CONTINUE AS EXECUTIVE CHAIRMAN UNTIL NO LATER THAN NOV 30 2020, BY WHICH TIME A SUCCESSOR WILL BE APPOINTED.INVESTIGATION TO CONTINUE, WITH PRIMARY FOCUS OF REMAINDER OF INVESTIGATION BEING ON CO'S POLICIES, PROCEDURES AND HANDLING OF COMPLAINTS.EXPECTED THAT HSF WILL CONCLUDE ITS INVESTIGATION AT END OF Q1 OR EARLY IN Q2 2019.KELVIN TO NOT BE ENTITLED TO SALARY OR BENEFITS PAYMENT CONNECTED TO RESIGNATION OR IN RESPECT OF ANY PERIOD AFTER DATE OF HIS RESIGNATION.KELVIN'S 2016, 2017 AND 2018 LTIP AWARDS WILL LAPSE.KELVIN'S VESTED 2015 LTIP AWARD, WHICH VESTED OVER 19,873 SHARES IN COMPANY, WILL REMAIN EXERCISABLE FOR A PERIOD OF 12 MONTHS.