Boohoo shareholders vote against Mike Ashley board appointment

20th Dec 2024 12:36

(Sharecast News) - Boohoo said on Friday that its shareholders had voted overwhelmingly against the appointment of Frasers Group's Mike Ashley and restructuring expert Mike Lennon to the board.

Just under 64% of shareholders voted against each of the proposed appointments.

Tim Morris, independent non-executive chair of Boohoo, said: "I would like to thank our shareholders for their support of the board. We remain focused on delivery of our business review with the objection of unlocking and maximising value for all shareholders."

Boohoo chief executive Dan Finley said: "Our group is a dynamic business, with great brands and extremely talented people, underpinned by best-in-class infrastructure. Since my appointment, I have hit the ground running, taking immediate and decisive actions to maximise and unlock value for all shareholders.

"I am super energised to realise the significant opportunities I see for this business. I continue to believe this group is materially undervalued. Our most important work is ahead of us, and we will drive value for all shareholders."

Finley, the boss of Debenham, was appointed on 1 November as the new CEO of Boohoo, just days after Frasers urged the retailer to replace its CEO with Mike Ashley. Finley succeeded John Lyttle.

Frasers is the largest shareholder in Boohoo, with a stake of 28%.