The board of online fashion retailer boohoo Group has appointed Dan Finley as its new CEO, ignoring Frasers Group’s proposal to appoint Mike Ashley.

The decision follows substantial progress reported on 25 October 2024 regarding the search for a successor to John Lyttle.

Frasers, which owns 27% of boohoo, proposed to appoint Ashley. In a letter to boohoo’s board, Frasers also suggested that the board has lost its ability to manage effectively and slammed the retailer’s debt refinancing strategy.

But Dan Finley, aged 41, is appointed with immediate effect.

Prior to joining boohoo, Finley served as CEO of Debenhams, a digital department store within the boohoo Group.

At Debenhams, he brought significant transformation, turning it into one of Britain's leading online department stores with an approximate gross merchandise value (GMV) annual run rate of ￡800m.

Before Debenhams, he spent ten years as group multi-channel director for fashion retailer JD Sports.

During this period, he spearheaded digital initiatives that saw JD Sports emerge as a global multi-channel leader and join the FTSE 100.

boohoo Group deputy chairman Alistair McGeorge said: "The board of boohoo was unanimous in its decision to appoint Dan Finley as CEO. Dan is one of the outstanding leaders in a new generation of digital retailers.

“Dan and his team have successfully transformed Debenhams from a failed department store, creating a new business model that is a capital-light, stock-light, high-growth marketplace.

“Before Debenhams, Dan had a track record of phenomenal success in online retail during his 10 years at JD Sports. The board looks forward to working with him, as we continue the review of options to unlock and maximise shareholder value."

John Lyttle will assist Dan and the group to ensure a smooth transition in leadership.

Finley will also join the boohoo Group board in due course.

"boohoo ignores Frasers’ leadership bid and appoints Dan Finley as CEO " was originally created and published by Retail Insight Network, a GlobalData owned brand.

 

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