StockMarketWire.com - Fashion retailer Ted Baker said chief executive and founder Ray Kelvin had resigned while an investigation continued into allegations of personal misconduct.

Kelvin has denied all allegations of misconduct, the company said.

'He has, however, today agreed to resign with immediate effect from his position as chief executive officer and as a director of Ted Baker,' it added.

Kelvin had been on a leave of absence since December amid allegations of inappropriate hugging of staff at the retailer.

An investigation by law firm Herbert Smith Freehills commissioned by the company was expected to be concluded by the end of the first quarter or early in the second quarter of 2019, Ted Baker said.

Acting chief executive officer Lindsay Page had agreed to continue in the role, while David Bernstein would act as executive chairman to provide Page with additional support.

Bernstien indicated that he would continue in the position until no later than 30 November 2020, by which time a successor would be appointed.

The primary focus on the remainder of the investigation would be on Ted Baker's policies, procedures and handling of complaints, the company said.

'Ray Kelvin founded the business 32 years ago and has, together with the fantastic team around him, been the driving force behind it becoming the global brand it is today,' Bernstein said.

'As founder and CEO, we are grateful for his tireless energy and vision.'

'However, in light of the allegations made against him, Ray has decided that it is in the best interests of the company for him to resign so that the business can move forward under new leadership.'

'As a board of directors, we are committed to ensuring that that all employees feel respected and valued.'

'We are determined to learn lessons from what has happened and from what our employees have told us and to ensure that, while the many positive and unique aspects of Ted's culture are maintained, appropriate changes are made.'

'Sharon Baylay has agreed to act as the designated non-executive director for engagement with the Ted workforce.'

'Led by Lindsay, we are confident that the strong and experienced team we have in place will build the Ted culture and move the business forward.'






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