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| Karren Brady to chair company that owns Philip Green's Arcadia group | Karren Brady to chair company that owns Philip Green's Arcadia group |
| (35 minutes later) | |
| Karren Brady, the West Ham United boss and regular on The Apprentice, is to take over as chair of Sir Philip Green’s retail empire as Anthony Grabiner steps down. | Karren Brady, the West Ham United boss and regular on The Apprentice, is to take over as chair of Sir Philip Green’s retail empire as Anthony Grabiner steps down. |
| Lord Grabiner, who has spent 15 years at the head of Taveta, is to step down with immediate effect. Taveta is the Green family firm, owned by Sir Philip Green’s Monaco-based wife Tina. It controls Arcadia , which in turn owns fashion chains including Topshop, Topman, Miss Selfridge and Dorothy Perkins and previously included BHS. | Lord Grabiner, who has spent 15 years at the head of Taveta, is to step down with immediate effect. Taveta is the Green family firm, owned by Sir Philip Green’s Monaco-based wife Tina. It controls Arcadia , which in turn owns fashion chains including Topshop, Topman, Miss Selfridge and Dorothy Perkins and previously included BHS. |
| 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”. | 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”. |
| Grabiner, a barrister, insisted to MPs that he had been a “responsible” chairman, despite not being invited to a key board meeting that discussed the sale of BHS to a group led by Dominic Chappell, a former bankrupt, for £1. | Grabiner, a barrister, insisted to MPs that he had been a “responsible” chairman, despite not being invited to a key board meeting that discussed the sale of BHS to a group led by Dominic Chappell, a former bankrupt, for £1. |
| About a year later the department store group collapsed with the loss of 11,000 jobs and leaving a multimillion pound pension deficit. Green has since agreed to put £363m into the pension. | About a year later the department store group collapsed with the loss of 11,000 jobs and leaving a multimillion pound pension deficit. Green has since agreed to put £363m into the pension. |
| Green 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. I am delighted to announce that Baroness Karren Brady will be appointed as non-executive chairman. Baroness Brady joined the Taveta board as a non-executive director in September 2010 and will assume the role immediately.” | Green 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. I am delighted to announce that Baroness Karren Brady will be appointed as non-executive chairman. Baroness Brady joined the Taveta board as a non-executive director in September 2010 and will assume the role immediately.” |
| Frank Field, the MP who led the inquiry into BHS and has been highly critical of Green especially with regard to the handling of the company’s pension scheme, pointed out that Brady was hardly a new broom. | Frank Field, the MP who led the inquiry into BHS and has been highly critical of Green especially with regard to the handling of the company’s pension scheme, pointed out that Brady was hardly a new broom. |
| “It’s not surprising that Sir Philip Green has to use the the house of Lords as a recruitment agency for his companies,” he said. “Baroness Brady was paid to be on the board of Taveta during the dreadful shenanigans that led to the closure of BHS.” | |
| Baroness 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. | Baroness 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. |
| Pre-tax profits for the Arcadia group, which also includes Evans, Burton and Wallis, slumped to £37m in the year to 27 August 2016, compared with £1727m the year before. Total turnover dived 17% to just over £2bn. | Pre-tax profits for the Arcadia group, which also includes Evans, Burton and Wallis, slumped to £37m in the year to 27 August 2016, compared with £1727m the year before. Total turnover dived 17% to just over £2bn. |
| Brady said: “The Arcadia business employs over 24,000 staff, has an annual turnover in excess of £2bn and has some of the most iconic names on the British high street. | Brady said: “The Arcadia business employs over 24,000 staff, has an annual turnover in excess of £2bn and has some of the most iconic names on the British high street. |
| “It is a privilege to have been invited to chair the board and I look forward to working with my colleagues as we concentrate on driving the Arcadia brands forward on their global expansion.” | “It is a privilege to have been invited to chair the board and I look forward to working with my colleagues as we concentrate on driving the Arcadia brands forward on their global expansion.” |