Yet Another Senior Ted Baker executive quits

Struggling Ted Baker has lost yet another long-standing board member just a week after losing both its Chairman and Chief Executive. The group said Ron Stewart has stepped down after nine years, most recently as the senior independent director, sending shares down a further 3%.Ted Baker said it had hired Jon Kempster as an independent non-executive director with immediate effect. Mr Kempster has held board roles at firms including Sports Direct International, Utilitywise and Wincanton. It comes after shares tumbled to 16-year lows last week following the abrupt departure of chief executive Lindsay Page and chairman David Bernstein and the latest in a string of profit warnings. The resignations marked the latest crisis at the firm, which stemmed from the departure of its founder and former boss Ray Kelvin in March. The fashion firm whose stock fell more than another 30% at one stage has now seen more than three quarters of its stock market value wiped off since January, sparking rumours of opportunistic takeover bids.Speculation is mounting that Mr Kelvin, who still owns 35% of the company, may be among those eyeing a possible takeover. And only two weeks ago, bosses revealed they had uncovered that the group’s inventory had been overstated by between £20 million and £25 million.