Baroness Karren Brady, the football executive who once said that “balls of steel” were the foundation of her success, is to take over as chairman of Sir Philip Green’s Arcadia Group retail empire.
She replaces Lord Grabiner, who is leaving the retail group a year after he appeared in parliament to answer questions about the demise of department store chain BHS.
The affair, which cost 11,000 jobs and imperiled the pensions of 20,000 workers, culminated in Sir Philip handing over £343m of his personal fortune to plug the hole in the defunct retailer’s insolvent pension scheme.
It heaped embarrassment on the London-based international arm of Goldman Sachs, where Lord Grabiner is also a director.
MPs heard that the bank had played a key role in vetting Dominic Chappell, a former bankrupt and retail neophyte, who bought BHS for £1 and then proved unable to summon the cash or business nous needed to turn ailing BHS around.