Embattled retailer Ted Baker appoints new finance chief
Fashion retailer Ted Baker has appointed former HMV finance boss David Wolffe as its chief financial officer.
Wolffe, who previously held senior roles at ITV Studios, AOL Europe and BBC Magazines, was hired as Ted Baker’s interim finance chief in January.
The retailer has struggled over the past year, with a string of profit warnings that prompted the resignation of its chairman and chief executive and a £58m accounting error.
The company said today that Wolffe had been “instrumental” in recent financial initiatives to bolster the embattled retailer’s balance sheet, such as the sale of its “Ugly Brown Building” London headquarters.
Former Ted Baker chief financial officer Rachel Osbone was promoted to chief executive in March after former boss Lindsay Page stepped down last year.
Osborne said: “We are delighted to welcome David on board on a permanent basis, following a thorough process, in addition to the capability we have seen him display in recent months.
“I have thoroughly enjoyed working closely alongside him since the start of the year and David has quickly gripped the issues inside the business and developed solutions to put things right.
“I look forward to his continued significant contribution to the leadership team, as we work together to return Ted Baker to profitable growth”.
Wolffe added: “”I was extremely pleased about joining Ted Baker back in January, and my time with the business since then has revealed the huge opportunities that lie ahead for this iconic British brand.
“The business has faced into a number of challenges in the months since I joined, and while we still have much to do, our progress so far gives me confidence that we can deliver our transformation plan and create value for all of our stakeholders.”