Ted Baker CEO, chairman step down; outlook cut, dividend suspended

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(Reuters) – Ted Baker Plc (L:) said on Tuesday its chief executive officer and chairman have stepped down, and the British fashion retailer also cut its full-year outlook again and suspended its dividend.

Recently appointed Chief Financial Officer, Rachel Osborne, will take on the CEO role from Lindsay Page on an interim basis.

The departures come a week after the company said it may have overstated inventory by as much as 25 million pounds ($32.08 million).

Page was promoted to the role in April after founder Ray Kelvin stepped down after allegations of misconduct at the company.

Sharon Baylay has assumed the role of acting chair, replacing David Bernstein.

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