// David Wolffe named as Ted Baker’s new CFO
// He joined as interim CFO in January, and has now moved into the role on a permanent basis
// News follows Ted Baker announcing new CEO and Chairman since the start of the year
Ted Baker has announced the appointment of David Wolffe as its new chief financial officer.
Wolffe first joined the fashion retailer at the end of January as interim chief financial officer, and will now move into the role on a permanent basis and with immediate effect.
Wolffe – who has over 20 years of experience in financial roles, including a stint as chief financial officer at HMV – will also join Ted Baker’s board.
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He was initially hired to oversee Ted Baker’s finance function while Rachel Osborne transitioned to chief executive, a promotion that was announced in March.
The news also comes less than a month after Ted Baker appointed John Barton as its new non-executive chairman, although he won’t begin in he role until July.
Ted Baker has had a rollercoaster year and a half or so.
In addition to challenges arising from the coronavirus pandemic, it has also endured a scandal from sexual harassment allegations being levelled at founder Ray Kelvin, and a series of profit warnings and a £58 million inventory blunder that led to the sudden departure of Lindsay Page and David Bernstein as chief executive and chairman respectively just before Christmas.
Ted Baker said Wolffe has been “instrumental” to a number of its financial initiatives since he joined earlier this ear, including the sale and leaseback of its Ugly Brown Building headquarters in London.
“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,” Osbourne said.
“I look forward to his continued significant contribution to the leadership team, as we work together to return Ted Baker to profitable growth.”
Wolffe said: “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.”