UK 'Apprentice' judge Karren Brady to chair Philip Green's firm

Xavier Trudeau
Juillet 17, 2017

Brady replaces Lord Anthony Grabiner, who is stepping down from the role after 15 years, according the The Guardian.

Sir Philip Green has appointed Baroness Karren Brady as the chairman of Taveta, the parent company in charge of the tycoon's Arcadia retail empire.

Announcing the appointment, Sir Philip said: "On behalf of the Taveta board, I would like to thank Lord Grabiner for his 15 years' service and to wish him well for the future".

Green's Arcadia business runs high street fashion brands 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".

"Baroness Brady joined the Taveta board as a non-executive director in September 2010 and will assume the role immediately".

He owned BHS for 15 years before he sold the loss-making retailer to Dominic Chappell, a serial bankrupt with no retail experience, for one pound in 2015.

After a drawn-out saga that included a parliamentary inquiry and public outcry over Sir Philip's conduct, the billionaire agreed to pay £363 million to settle the BHS pension scheme in February.

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.

The Taveta announcement comes after the company's most recent annual results showed pre-tax profits falling from £172m to £37m for the year to 27 August last year. Total turnover dived 17% to just over £2bn.

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