ONE of the UK’s most high profile businesswomen is set to take over as the new chairperson of billionaire, Sir Philip Green’s retail empire. Karren Brady will oversee the dealings of Taveta Investments, the holding company that has control over well-known chains such as Dorothy Perkins and Topshop, through its ownership of Arcadia. Sir Philip Green’s wife, Tina is the current owner of Taveta. Brady has worked on the board for the past seven years.
Karren Brady’s Remarkable Rise
Brady’s rise to prominence is quite a remarkable one, she became the youngest ever CEO of a British company after she made Birmingham City Football Club public in 1997. She is currently the CEO of West Ham United Football Club, and appears regularly on the UK series of The Apprentice, Brady later said in a statement “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."
Brady will now replace Lord Anthony Grabiner as the chair of Taveta. Grabiner, was a barrister who chaired the private company for a period of 15 years, came under major scrutiny last year from MP’s over his participation in the sale of BHS. Taveta sold BHS for just £1, which subsequently closed last year.
Previous Chair “Hopeless”
A report was later launched by MP’s, which looked into the lords business methods and ultimately how BHS ceased in the way that it did. The report was damning on Grabiner, he was described as being “ the apogee of weak corporate governance. Also the Business select committee chair at the time was Ian Wright described the barrister as being “ truly hopeless” in the House of Commons. Sir Philip Green said in an emailed statement On behalf of the Taveta Board, I would like to thank Lord Grabiner for his fifteen years’ service and to wish him well for the future."
Tough Time For Taveta
At the moment the operating figures for Taveta are not particularly pleasing on the eye so, Brady’s appointment comes during a difficult period for the company. The latest figures have shown that the operating profits had fallen by a considerable 16% to £211 million in the last 12 months, while the revenue was the same as it was last year, staying at £2 billion. The retail leaders are currently struggling due to the increase in the amount of consumers who prefer to shop online, not to mention the fallout from the BHS scandal.
Main Image by By Eastgate Basildon, courtesy of Wikimedia Commons (https://commons.wikimedia.org/wiki/File%3AEastgate_Topshop.jpg). Some Rights Reserved