Ted Baker CEO heading for the exit after ABG takeover - report

25th Apr 2023 14:14

(Sharecast News) - The chief executive of Ted Baker is reportedly close to leaving the company six months after it was taken over by a giant American brands and entertainment conglomerate.

According to Sky News, Rachel Osborne, who took the helm at the retailer in the midst of a governance and accounting crisis in 2020, is expected to leave in the coming months.

The news comes as Ted Baker's new owner, Authentic Brands Group, progresses its conversion into a brand licensing business.

Authentic, which owns Forever 21, Reebok and a stake in David Beckham's portfolio of consumer goods, is in talks to sign a number of new partners in the UK to take over Ted Baker's design, logistics and other functions. It has already signed similar deals in the US and China.

Sky cited a person close to the situation as saying that this shift means that Ted Baker no longer requires a group CEO.

Osborne joined Ted Baker as finance chief in 2019, before being elevated to the top job in March 2020. She announced a turnaround strategy as the company fought for survival, with its existing challenges exacerbated by the onset of the pandemic.

After a series of discussions with prospective bidders, Authentic bought the business for £212m last autumn.