Ted Baker PLC Change of Director (1865X)
December 17 2019 - 7:30AM
UK Regulatory
TIDMTED
RNS Number : 1865X
Ted Baker PLC
17 December 2019
Change of Director - Lindsay Page and David Bernstein
This announcement is made in compliance with section 430(2)(b)
of the Companies Act 2006 in relation to the departure of Lindsay
Page and David Bernstein as directors of Ted Baker plc (the
"Company").
Further to the RNS announcement on 10 December 2019, Lindsay
Page has stepped down as Chief Executive Officer and as a director
of the Company, and David Bernstein has stepped down as Executive
Chairman and as a director of the Company.
Lindsay Page
Mr Page's directorship of the Company ceased on 10 December
2019. He has agreed with the Company that his employment will end
on a date in the coming weeks to be agreed (the "Termination
Date"), following a handover period. Until the Termination Date, Mr
Page will continue to be paid on the same basis as disclosed in the
Company's most recent Annual Report.
Mr Page's contractual notice period commenced on 10 December
2019. Following the Termination Date, he will receive a payment in
lieu of the balance of his 12 month notice period, calculated by
reference to his annual salary (GBP460,000), annual pension
supplement (GBP57,500) and the cost of contractual benefits
(excluding bonus) (the figure for this element disclosed in the
single total figure table for the period ended 26 January 2019 was
GBP24,000). This payment will be made in monthly instalments and
will be subject to reduction should Mr Page secure alternative
employment.
Mr Page will receive a payment in respect of any accrued but
untaken holiday for the current year, along with a payment in
respect of any accrued but unpaid pension supplement.
Mr Page will not be eligible to receive a bonus for the 2019
financial year.
Any outstanding unvested awards held by Mr Page under the
Company's long term incentive plan will lapse upon termination of
his employment.
Save as set out above, Mr Page will not receive any other
compensation or payment for the termination of his employment or
his ceasing to be a director of the Company or any other group
company.
These terms are in line with the Company's shareholder-approved
remuneration policy.
David Bernstein
Mr Bernstein's directorship of the Company and his employment as
Executive Chairman ceased on 10 December 2019.
Mr Bernstein will receive a payment in lieu of his six month
notice period, calculated by reference to his annual salary
(GBP200,000). This will be payable in monthly instalments (which
will be subject to reduction should Mr Bernstein secure alternative
employment).
Mr Bernstein will receive a payment in respect of any accrued
but untaken holiday for the current year.
Save as set out above, Mr Bernstein will not receive any other
compensation or payment for the termination of his employment or
his ceasing to be a director.
These terms are in line with the Company's shareholder-approved
remuneration policy.
Enquiries:
Hudson Sandler Tel: +44 (0) 20 7796 4133
Alex Brennan / Hattie Dreyfus / Nick Moore
tedbaker@hudsonsandler.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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