Lunes, 22 Octubre, 2018

Karren Brady to chair Sir Philip Green's retail empire

The Conservative Party Annual Conference Karren Brady will be chairman of Arcadia parent Taveta
Malita Javier | 17 Julio, 2017, 22:42

Karren Brady, a judge on The Apprentice TV show and chief executive of West Ham United soccer club, has been appointed by Philip Green to chair his Taveta holding company, the retail billionaire said on Monday.

Arcadia employs more than 24,000 staff worldwide and owns a string of high street fashion chains, including Topshop, Topman, Wallis, Miss Selfridge, Dorothy Perkins, Evans, Burton and Outfit.

In a damning report into the collapse of BHS, MPs criticised Grabiner as the "apogee of weak corporate governance" who was "content to provide a veneer of establishment credibility to the group while happily disengaging from the key decisions he had a responsibility to scrutinise".

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Sir Philip owned BHS for 15 years before selling the loss-making retailer to Dominic Chappell, a serial bankrupt with no retail experience, for £1 in 2015.

Earlier this year, he agreed to pay £363m to plug a hole in BHS retirement schemes.

"I am delighted to announce that Baroness Karren Brady will be appointed as non-executive chairman".

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Brady (48), who has been a non-executive director of Taveta since 2010, has assumed the role of non-executive chairman with immediate effect, succeeding Anthony Grabiner, who has been with the company for 15 years.

Lady Brady takes over as chair at a tricky time for the business as it attempts to bounce back from the collapse of BHS, which was a key outlet for Arcadia brands.

Taking into account exceptional costs, pre-tax profit plummeted from £172.2 million to £36.8 million in the year ended August 27. Total turnover dived 17% to just over £2bn.

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Brady said: "I look forward to working with my colleagues as we concentrate on driving the Arcadia brands forward on their global expansion".

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