Dan Finley has been appointed as the new CEO of Boohoo Group.
- Mike Ashley had previously expressed interest in the CEO position.
- Frasers Group, Boohoo’s largest shareholder, proposed Ashley for the role.
- Boohoo’s board emphasised the importance of proper governance in the appointment.
- Finley’s previous success at Debenhams influenced Boohoo’s decision.
Dan Finley has been named the new Chief Executive Officer of Boohoo Group, succeeding John Lyttle. Mike Ashley, who had shown interest in the position, expressed his readiness to relocate and reinvigorate the beleaguered Boohoo Group. Frasers Group, holding 27% of Boohoo’s shares, had written to the board advocating Ashley’s appointment. However, Boohoo’s board reiterated that the appointment required meticulous consideration and governance.
Ashley, resolute in his campaign to overhaul Boohoo Group, stated his commitment to the task, criticising the company’s past mismanagement and referencing the CEO resignation and a problematic refinancing as critical issues. Despite these developments, the board appointed Finley, citing his remarkable achievements as the CEO of Debenhams, where he successfully reimagined the brand’s business model.
Prior to his tenure at Debenhams, Finley had established a reputation for excellence as the group multi-channel director at JD Sports, contributing to its ascent as a global leader in the multi-channel retail space. His role in Boohoo began in January 2022 when he assumed the position of CEO of Debenhams following Boohoo’s acquisition of the brand.
Eager to take on his new role, Finley remarked on the promising prospects he envisages as CEO of Boohoo Group and expressed his dedication to unlocking substantial value for shareholders. His appointment reflects the strategic direction and the confidence the board has in his capabilities to lead the company into a new era.
Outgoing CEO John Lyttle will assist Finley during the transition. Finley is expected to join Boohoo’s board shortly, ensuring a seamless leadership transition. The past rivalry between Mahmud Kamani and Mike Ashley over Debenhams underscores the competitive landscape in which Boohoo operates.
Dan Finley’s appointment marks a new chapter for Boohoo Group, leveraging his proven track record to steer future growth.
