In a very quick snub for Mike Ashley’s demands, this morning it has been announced that the ailing boohoo Group (LON:BOO) has appointed former JD Sports and currently Debenhams CEO, Dan Finley, 41, as the Group’s Chief Executive Officer.
Finley has been involved in the boohoo Group’s fast-growing digital department store, since he was appointed Debenham’s CEO in January 2022, under his leadership, the business has been transformed into Britain’s leading online department store with a gross merchandise value annual run rate of some £800m, through a capital-light, cash generative and highly profitable marketplace model.
Group Deputy Chairman Alistair McGeorge stated that:
“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.”
Current boohoo CEO John Lyttle, who recently announced that he was standing down from the role, will remain available to Dan and the group to ensure continuity through the change of leadership and a smooth transition.
It is expected that Dan will be appointed to the boohoo Group Board in due course.
Boohoo Group shares are currently trading at around the 29.62p level.
Mike Ashley, who last week demanded that he should be appointed CEO, representing his Frasers Group, boohoo’s biggest shareholder, might consider that he has been snubbed by this appointment.
Frasers Group (LON:FRAS) shares are 761p, down 23.50p.