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(Sharecast News) - Ted Baker has appointed John Barton, chairman of easyJet, to chair the board of the struggling fashion brand in a move that spreads his workload across two companies in crisis.
Barton will join Ted Baker in July, filling a vacancy created in December when David Bernstein stepped down amid financial and governance turbulence.
Before chairing easyJet, Barton was chairman of Next and Cable & Wireless Worldwide and held senior board positions at WH Smith and SSP. His recruitment follows the appointment of former finance chief Rachel Osborne as chief executive to turn around the company's fortunes, replacing company veteran Lindsay Page who quit with Bernstein.
Barton's decision to take the Ted Baker job may surprise some investors. He already has a tough assignment at easyJet where the airline's founder and biggest shareholder Stelios Haji-Ioannou is trying to unseat him and CEO Johan Lundgren in a dispute over a £4.5bn plane order.
The Covid-19 emergency has added to pressures on retailers such as Ted Baker and has caused a crisis in the airline industry.
Ted Baker has been in turmoil since founder Ray Kelvin was forced to quit a year ago over allegations of inappropriate behaviour towards employees. After Kelvin's departure Ted Baker issued a series of profit warnings that exposed a £58m accounting error.
Barton said: "These are unprecedented times, and while I do not underestimate the significant challenges ahead of us, Ted Baker has strong foundations from which to build ... I look forward to working alongside my fellow board members and leadership team to steer the group through this period of transformation in the years ahead."
Non-executive director Sharon Baylay will continue as acting chair until Barton joins the board.
7 May 2024 17:30
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