Ted Baker Plc confirms the departure of Andrew Jennings as director of the Company. This announcement is made in compliance with section 430(2B) of the Companies Act 2006. As previously announced on 17 December 2021, Andrew Jennings did not seek re-election to the Board at the Annual General Meeting on 28 July 2022.

Andrew Jennings' directorship of the Company ceased on 28 July 2022. Andrew Jennings received his fees as a director to the date of termination and no other payments will be made. The company also announces the following committee changes have been agreed: Fumbi Chima Member of Audit & Risk Committee, Jon Kempster Chair of Remuneration Committee, Meg Lustman Member of Nominations Committee and Remuneration Committee.

As previously noted, Helena Feltham assumed the role of Interim Chair on 6 December 2021. This temporary role is in addition to her existing responsibilities as Senior Independent Director, Chair of the Nominations Committee, member of the Audit Committee and member of the Remuneration Committee. While the company had made good progress on the search for a new Chair, on 18 March 2022, Sycamore Partners Management LP announced that it was considering a possible offer for the Company and the company consequently announced on 4 April 2022 that the company had commenced a formal sale process.

The Board considered that continuity and experience was key to the Company successfully negotiating this period, and the company accordingly paused the search for a new Chair pending the outcome of the formal sale process. The Board notes the recommendations of the Financial Reporting Council's UK Corporate Governance Code as regards the role of the Chair of the Board. In particular, the Board is mindful of the recommendations that the Chair should not chair the Nominations Committee when it is dealing with the appointment of their successor, and that the Chair of the Board should not be a member of the Audit Committee.

Notwithstanding the Code provisions, the Board does not propose to make any further changes to Helena's roles and responsibilities during the temporary period while she is acting as Interim Chair. The Board believes that, as Chair of the Nominations Committee, Helena has the necessary experience to be responsible for appointment of a new Chair of the Board. As Helena does not wish to be considered as a candidate for the permanent position of Chair and is committed to a smooth and quick transition to a new Chair at the appropriate time, the Board does not consider there to be a conflict of interest.

Should any conflict of interest arise, Helena will recuse herself from the relevant discussions. Additionally, the Board believes that any other short-term changes to Board committees to align the composition with the recommendations of the UK Corporate Governance Code would be disruptive and would not be in the best interests of the Company at a time when ensuring continuity is paramount.