// Ted Baker’s departing CEO and chairman in line for a £600,000 pay-off
// Lindsay Page and David Bernstein both departed last week amid Ted Baker’s 4th profit warning
// Page could receive a £500,000 farewell paycheck, while Bernstein could receive £100,000
Ted Baker’s outgoing chief executive and chairman are reportedly in line for a £600,000 farewell pay cheque, a week after they announced their departure amid a profit warning.
Lindsay Page, who had only been in the chief executive chair since he was promoted to the role in April, could receive £500,000 after his departure and no bonus, The Telegraph reported.
Page had been Ted Baker’s finance chief before he was appointed to the role in the aftermath of the controversy surrounding founder Ray Kelvin.
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Meanwhile, departing chairman David Bernstein is reportedly in line for £100,000, which is half of his annual salary.
Bernstein, who revealed his departure from Ted Baker on the same day as Page, has since been replaced by non-executive Sharon Baylay on an interim basis.
Page and Lindsay’s departure last week was in conjunction with Ted Baker’s fourth profit warning for the year.
Meanwhile yesterday, former Sports Direct finance chief Jon Kempster was appointed to the board while Ron Stewart stepped down after nine years.
Earlier this month, Ted Baker revealed a £25 million accounting error related to its stock, which prompted it to appoint Deloitte and lawyers from Freshfields Bruckhaus Deringer investigate, while Alix Partners consultants were hired to review its business model.