British luxury clothing retail company, Ted Baker Plc’s Chief Executive Officer (CEO) Ray Kelvin resigned following an investigation over his conduct, including alleged demeaning behaviour toward employees of the UK apparel chain.
According to reports, Kelvin had taken a voluntary leave of absence from the CEO role in December as the board hired law firm Herbert Smith Freehills Llp to investigate allegations of behaviour including unwanted hugs and asking female employees to sit on his knee.
He has denied the accusations.
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Meanwhile, the acting CEO Lindsay Page will continue in the role. Chairman David Bernstein will “provide additional support” as executive chairman, the company said but will leave that role by 30 November 2020.
Kelvin owns about 35% of London-based Ted Baker, and his holding has a market value of about £295 million ($390 million).
The law firm’s investigation continues and is expected to conclude at the end of the first quarter or early in the second quarter, Ted Baker said.
(With agencies input)