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Osborne, a retail industry veteran with more than two decades of
experience, will join Ted Baker "at a date to be agreed within
the next few months", the company said in a statement and
published after Debenhams announced her departure.
Debenhams said its current Group Finance Director Mike Hazell,
who has been with the company for nearly a decade, would replace
Osborne. She is leaving at a time the group is going through a
restructuring under company voluntary arrangement.
Osbourne is set to join Ted Baker's C-suite after its founder
Ray Kelvin infamously stepped down in March as chief executive
officer following claims that he presided over a culture of
"forced hugging".
UK retailers are battling severe challenges on Britain's high
streets with shoppers tightening their purse strings amid Brexit
uncertainties, while competition from online rivals and higher
costs also take their toll.
On the back of those struggles, Ted Baker posted its first drop
in annual profit since the 2008 financial crisis in March this
year. In April, administrators were appointed to assist
Debenhams through its restructuring.
Shares of Ted Baker were up 1.3% to 930 pence at 1126 GMT on the
London Stock Exchange. They have plunged 40% since the start of
2019.
(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)
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