Frasers Group fails to remove Mahmud Kamani from Boohoo board
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Frasers Group's attempts to overhaul the leadership of Boohoo have failed again after shareholders chose to keep its co-founder on the board. Boohoo investors cast 63.2 per cent of votes against a resolution calling for Mahmud Kamani to be removed as a director of the online fashion retailer at a general meeting on Tuesday.
Proxy adviser Glass Lewis last week recommended shareholders oppose the motion brought by Frasers, saying Boohoo had 'initiated significant actions' to try and revive the business. These have included the launch of a business review, the strengthening of its balance sheet, and the selection of Debenhams boss Dan Finley as chief executive.
It said these changes 'should enable the company to retain Mr Kamani's institutional knowledge and expertise while empowering new leadership to undertake initiatives that will likely be needed to improve the company's performance.'. Today's vote comes a month after Boohoo investors rejected proposals at another general meeting in Manchester to put Mike Ashley and restructuring specialist Mike Lennon on the board.
Not approved: Boohoo investors cast a majority of votes against a resolution calling for Mahmud Kamani (pictured) to be removed as a director of the online fashion retailer. Tim Morris, chair of Boohoo, said the ballot 'provides the board with a clear mandate to continue with the work of creating maximum value for all shareholders.'.
