// Ted Baker announces CEO appointment amid the pandemic

// Rachel Osborne was the finance boss and will now take the helm

// She has held several roles in finance prior to Ted Baker

Ted Baker has promoted its chief financial officer Rachel Osborne as chief executive amid the coronavirus pandemic.

Osborne joined the fashion and lifestyle retailer in November as finance boss, before being appointed as acting chief executive in December 2019.

Osborne was also the chief financial officer at Debenhams, before being appointed at Ted Baker.

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She has held roles in finance at Domino’s Pizza Group, Vodafone, Kingfisher, PepsiCo and John Lewis.

At Ted Baker, Osborne has been responsible for leading change and transformation, including the development of key strategic priorities and the announcement of the sale and leaseback of the company’s headquarters at a significant premium to book value.

This isn’t the only promotion Ted Baker has made. Non-executive director Jennifer Roebuck will be taking up the role of chief customer officer from April 1.

Ted Baker said it is currently still searching for a chairman.

In the meantime, Sharon Baylay will continue to lead the board as acting chair in the interim period.

“Rachel has already made a significant contribution to Ted Baker, working tirelessly in recent months to develop a transformation plan for the business,” Baylay said.

“She has brought hugely relevant retail and customer experience and is ideally positioned to lead Ted Baker’s turnaround in the future.”

Osborne said: “The time I have spent at Ted Baker has quickly confirmed to me what a special business this is. We have challenges to face into in the coming months, not least the significant uncertainty caused by COVID-19, but I am confident that we will succeed through the hard work of our colleagues and the strength of our brand.”

“Over the last few months we have put together a clear plan to transform Ted Baker and ensure its long-term success. I look forward to leading the business through this critical period of change and seeing the benefits of our plan come to fruition.”

Last week, Ted Baker became one of the latest batch of retailers announcing temporary store closures due to the coronavirus pandemic.

Ted Baker said 384 of its 416 stores globally – more than 90 per cent of its estate – have now been closed until further notice.

These stores accounted for 68 per cent of sales during the last financial year.

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