Boohoo Names Dan Finley as CEO, Defying Frasers’ Bid to Install Mike Ashley
Frasers—which has a 27% stake in Boohoo—requested Ashley’s appointment last week
Boohoo named Dan Finley as its next chief executive officer, spurning major shareholder Frasers’ attempts to install its owner Mike Ashley at the helm.
Last week, FTSE 100-listed sports and fashion retailer Frasers—which has a 27% stake in Boohoo—issued a request to appoint Ashley as CEO of Boohoo and Mike Lennon as a director, urging shareholders to vote for the move.
The proposal followed Boohoo’s announcement on Oct. 18 that CEO John Lyttle was planning to step down and that its board was starting a strategic business review in a bid boost shareholder value.
Boohoo said later that it had received the proposals from Frasers and was reviewing them, while asking shareholders to take no action.
The London-listed group—which includes brands such as department stores Debenhams and Karen Millen in its portfolio—said Friday that current Lyttle will remain available to ensure continuity through the change of leadership and a smooth transition.
Finley joined Boohoo as CEO of Debenhams in January 2022, following the 55 million-pound ($70.9 million) acquisition of the brand from administration.
Frasers didn’t immediately comment when approached by Dow Jones Newswires.
In morning trading, London-listed shares were in Boohoo were up 4.6% at 30.98 pence. Year-to-date, shares have fallen 25%.