StockMarketWire.com - Fashion retailer Ted Baker warned on profits again, suspended its dividend and said chief executive Lindsay Page and executive chairman David Bernstein had both stepped down, with immediate effect.

Pre-tax profit for the year through 25 January was now seen at a minimum of £5m, with a potential outcome of up to £10m, dependent on Christmas trading.

Ted Baker said it had hired independent consultants Alix Partners to conduct a wide-ranging review of its operational efficiency, costs and business model.

A review of the company's assets, meanwhile, commenced in October and was progressing to an expected timetable.

'While the immediate actions are being implemented the board has determined that dividend payments will be temporarily suspended,' the company said.

'The board recognises that dividend is an important part of our returns to shareholders and will look to resume payment as soon as it is appropriate to do so.'

Chief financial officer Rachel Osborne had become acting CEO, with a search for a permanent replacement for Page to kick off in January.

Sharon Baylay had assumed the role of acting chair until a permanent successor was appointed for Bernstein.

Ted Baker shares have been pummeled in the past 18 months by weak sales and a misconduct scandal involving former CEO and founder Ray Kelvin.

Page said: 'I would like to thank everyone at Ted Baker whom I have had the pleasure of working with since 1997. In particular, I am grateful for the team's support over the last 12 months.'

'I would also like to take this opportunity to thank Ray Kelvin for the opportunity he gave me 22 years ago to join this fantastic brand and help to achieve his vision of creating a truly international business.'

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