Boohoo Appoints New CEO, It’s Not Mike Ashley

On Friday, Boohoo Group (LON: BOO) announced the appointment of Dan Finley as its new Chief Executive Officer, not bowing to pressure from Frasers Group to appoint Mike Ashley.

This decision comes a couple of weeks after Frasers Group had proposed Ashley as a potential candidate, expressing their concern about Boohoo's share price decline.

Dan Finley will take up the new role immediately. He was previously the CEO of Debenhams, a Boohoo Group subsidiary, and brings a wealth of experience in online retail.

He spent a decade at JD Sports, where he played a pivotal role in driving digital growth and establishing the company as a global leader.

Boohoo said that under his leadership, Debenhams has undergone a successful transformation into a leading online department store, achieving a GMV annual run rate of approximately £800 million.

Alistair McGeorge, Boohoo Deputy Chairman, said he is confident in Finley's ability to lead the company, highlighting his proven track record in online retail and his success in revitalising Debenhams.

Finley stated: “I am excited at the opportunities I see ahead as I become CEO of Boohoo Group. We have brilliant brands and people, underpinned by best-in-class infrastructure.

“Under my leadership we have had great success with Debenhams and I look forward to exploring opportunities to extend this business model across the Group.”

Boohoo added that John Lyttle, the outgoing CEO, will remain available to ensure a smooth transition. The company will also be writing to shareholders regarding Frasers Group's proposals.