British retailer Boohoo appoints Dan Finley as CEO amid demands from Mike Ashley's Frasers

Boohoo chief executive John Lyttle said he has informed the company's board that he will step down from his role, as the fast fashion retailer posted another slump in sales revenues, driven by its international business, over the past six months. Issue date: Friday October 18, 2024.

British online fashion retailer Boohoo on Friday appointed Dan Finley as its new CEO, effective immediately, to succeed John Lyttle, a week after top investor Frasers wanted its controlling shareholder Mike Ashley in the role.

Finley was formerly CEO of JD Sports and is currently head of Boohoo's digital department store unit Debenhams.

Frasers last week requisitioned a general meeting at Boohoo to appoint British entrepreneur Ashley as CEO.

Controlled by Ashley, the British sportswear and apparel retailer is Boohoo's biggest shareholder with a stake of about 27%.

Boohoo's board was "unanimous in its decision to appoint Dan Finley as CEO," the company's Deputy Chairman Alistair McGeorge said in a statement.

"The Board will be writing to shareholders in relation to their proposals in due course," Boohoo said, referring to Frasers' proposals and the request for a meeting.

Last month Boohoo said its CEO John Lyttle would step down as the group announced a strategic review that could see it broken up. Its shares are down 30% so far this year.

the struggling online retailer has begun a strategic review that could potentially lead to a breakup of the company.

The fast-fashion company said it believes Boohoo, which also owns the Debenhams, Karen Millen and PrettyLittleThing brands, is “fundamentally undervalued” and there is potential to “unlock value” for shareholders.

Reuters.