THG hires former ITV boss as new chair to strengthen governance
In October, the group, which owns brands including Cult Beauty and Lookfantastic, said it would hire an independent chair.
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Your support makes all the difference.Embattled online retail giant THG has hired former ITV boss Charles Allen as its chair as part of efforts to improve its corporate governance.
Last year, the Manchester-based company saw more than £2 billion knocked off its stock market value after it faced criticism over its governance structure and future prospects.
In October, the group, which owns brands including Cult Beauty and Lookfantastic, said it would hire an independent chair.
On Tuesday, the group said Mr Allen will become non-executive chair in a move which will split the dual roles of executive chair and chief executive held by founder Matthew Moulding.
Mr Moulding will continue as chief executive of the company.
Mr Allen, who is also chair of FTSE 250 construction firm Balfour Beatty, has been given a mandate to refresh THG’s board and boost its governance and diversity.
He will also work with the founder in developing the company’s management team and “refining the group’s strategy”.
The announcement comes two months after the business cautioned over a more challenging start to 2022 amid soaring commodity prices.
Mr Moulding said: “I am delighted that we have been able to attract someone of Charles’s calibre and reputation.
“He has extensive boardroom experience across a range of sectors spanning 40 years.
“Charles’s consumer, retail, digital and media expertise, knowledge and skills will help THG to continue to drive profitable and sustainable growth, deliver for all our stakeholders and to meet the highest standards of corporate governance.
“Furthermore, on a personal note, his appointment will enable me to focus my attention on delivering the group’s plans for growth.”
The new company chair said: “It is a privilege to be joining THG as the board’s chair with a clear mandate to improve governance and transparency, strengthen the board by improving its independence and diversity, review and develop the strategy, and support management as it seeks to further strengthen its talented leadership team.
“This is a fast-paced, extremely exciting business which has grown rapidly and has many opportunities for significant future growth.”