New Ted Baker CFO brings retail, tech and media experience to board

Fashion brand Ted Baker has named David Wolffe as its new CFO, with immediate effect.

Wolffe brings with him over 20 years' experience in finance roles for both public and private businesses, including two years as group CFO at HMV Group during a time of significant change for the entertainment retailer.

The new recruit has also previously held finance leadership roles at ITV Studios, AOL Europe, and BBC Magazines and Consumer Publishing. Since 2018 he has been interim CFO in a series of private equity backed retail and technology businesses, including direct debit collection platform GoCardless, online wellbeing brand Facegym, and sports data technology business Genius Sports.

Ted Baker’s new CFO is also the CEO and founder of online backpack retailer Wolffepack, which sells “revolutionary backpacks that switch to your front for easy access”, according to its website.

Wolffe has been at Ted Baker on an interim basis since 2 January 2020, helping with the agreed sale and leaseback of the company’s Ugly Brown Building headquarters. But now he has taken a permanent position on the board.

Rachel Osborne, Ted Baker’s CEO, who herself moved from an interim to a permanent position earlier this year, welcomed the new CFO to the team.

"I have thoroughly enjoyed working closely alongside him since the start of the year and David has quickly gripped the issues inside the business and developed solutions to put things right,” she commented.

“I look forward to his continued significant contribution to the leadership team, as we work together to return Ted Baker to profitable growth".

Wolffe arrived at Ted Baker off the back of a string of profit warnings and in the midst of a review of accountancy operations after it emerged the business had overstated inventory valuation of around £58 million under previous management.

"I was extremely pleased about joining Ted Baker back in January, and my time with the business since then has revealed the huge opportunities that lie ahead for this iconic British brand,” he said.

"The business has faced into a number of challenges in the months since I joined, and while we still have much to do, our progress so far gives me confidence that we can deliver our transformation plan and create value for all of our stakeholders."