The founder and chief executive of fashion chain Ted Baker, Ray Kelvin, has resigned following allegations of misconduct including forced hugging.
Mr Kelvin has already been on voluntary leave of absence since December last year following the allegations. He continues to deny all allegations which are being investigated by the company.
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In a statement he said the company had been his life and soul but “the right thing to do is to step away from Ted”. He added about how the last few months had been “deeply distressing”.
Mr Kelvin owns 35% of the company will not receive any severance pay, and any bonus payments he has earned for the past three years’ performance will not be given.
In December employees launched an online petition accusing him of inappropriate comments and behaviour. The petition said that more than 200 Ted Baker staff were finally breaking their silence after at least “50 recorded incidents of harassment” at company.
Mr Kelvin founded Ted Baker in 1988. It now has around 500 outlets in the UK and overseas.
Mr Kelvin’s statement said: “Difficult though this decision is given that Ted Baker has been my life and soul for over 30 years, I’ve decided that the right thing to do is to step away from Ted and allow the business to focus on being the outstanding brand it is so it can face 2019 with fresh energy and renewed spirit.
“As a shareholder in the business I’ll support Lindsay in his leadership and be available to him and the team wherever I can offer helpful advice.
“I’m extremely proud of what we’ve achieved in building Ted Baker to the global brand it is today. Thank you to every single colleague, customer, supplier, and investor for your commitment to the business. We couldn’t have done it without you and I’m so grateful.”
