Boohoo shareholders vote againt giving retail tycoon Mike Ashley seat on board
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Boohoo's shareholders have knocked back Mike Ashley's attempts to get a seat on the board of the online fashion retailer. At a meeting in Manchester 63.7% voted against bringing the Sports Direct tycoon aboard, leaving him with only 36.2% in his corner. Frasers Group, which owns a 27% stake in Boohoo, had urged investors to appoint Mr Ashley and restructuring expert Mike Lennon to Boohoo’s board.
It said it hoped the pair could help turn around the business after “dismal results”. But investors also voted against Lennon’s appointment, with 63.7% also against him joining the board. Boohoo’s independent non-executive chair Tim Morris, 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 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.".
