LONDON (Reuters) - Karren Brady has resigned as non-executive chairman of Taveta Investments Limited, the holding company of tycoon Philip Green's Arcadia Group, the firm said on Monday.
Brady has been chairman since July 2017.
Taveta said Sharon Brown had also resigned as a non-executive director.
"Taveta is in active discussions with individuals who have significant relevant experience and expects to make a further announcement as to the composition of its board shortly," it said.
(Reporting by James Davey; editing by Costas Pitas)
British billionaire Philip Green is known for his commercial success, his unconventionality and for his mordacity. Seventh richest man in Britain, he shares with his wife Christina a fortune of £3.6 billion, according to the Sunday Times.
He leaved the school at 15 years old, and he began to work as shoes importer travelling in United States, Europe and Far East. When he came back in UK, he borrowed £20 000 and he created his first business importing jeans and selling these to retailers in London.
In 1979, Philip Green bought a large stock of clothing at extremely low prices, and he decided to open his own shop.
In 1988 he became Chairman of Amber Day, a retailing company listed on the Stock exchange.
In early 90s, he bought the chain stores Owen Owen and in 1995 Olympus Sports, which he sold three years later to JJB Sports for £ 550 million.
In 1999, he became popular thanks to hostile takeover’s attempt on Marks and Spencer. Acquisition was blocked by board of directors of the most famous British chain stores, for this reason Green changes the victim, British Home Stores (BHS), which he bought in 2000.
Two years later, it was Arcadia Group’s turn, which owned famous brands Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topshop / Topman and Wallis. Recently also Etam’s chain was acquired by the English businessman.
On 20th October 2005, Green distributed to Arcadia Group’s shareholders dividends of nearly £1.3 billion, and he and his wife (own for 92%) received £1.17 billion, this is the largest dividend ever received by an individual investor in the history of the British company.
