Boohoo Group appoints new CEO

Dan Finley will succeed John Lyttle as CEO of Boohoo Group.

The announcement follows Mike Ashley's attempts for the role.

On 24 October, Frasers Group wrote to the Boohoo board saying Ashley should be appointed to replace Lyttle. Frasers Group is the largest shareholder of Boohoo Group with 27%.

However, on 25 October, Boohoo Group responded by saying a CEO appointment is a critical board decision that “requires careful consideration and proper governance”.

On 27 October, Ashley told The Sunday Times that he is "all in" in his bid to turn around the struggling Boohoo Group. He told the publication: "I’m ready to dedicate my time and effort – including basing myself in Manchester as much as I deem required.

"The focus here needs to be on urgent and decisive action to sort out the mess that Boohoo is in after suffering serious mismanagement. The resignation of their CEO and the announcement of a disastrous refinancing was the final straw.”

Before joining Debenhams, Finley spent a decade as group multi channel director at JD Sports, where he delivered digital growth as JD Sports became a global multi-channel leader and entered the FTSE 100.

He joined Boohoo Group as CEO of Debenhams in January 2022, following the acquisition of the brand out of administration for £55m.

"I am excited at the opportunities I see ahead as I become CEO of Boohoo Group,” he said.

“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. I will dedicate myself totally to working with my colleagues to unlock significant value for all shareholders."

Boohoo Group said in a statement: “The board continually considers long-term succession planning for key executive roles. Dan's appointment as CEO recognises the phenomenal success that Debenhams has enjoyed and reflects the evolution in strategic direction of the Group."

Alistair McGeorge, Boohoo group deputy chairman, said: "The board of Boohoo was unanimous in its decision to appoint Dan Finley as CEO. Dan is one of the outstanding leaders in a new generation of digital retailers. Dan and his team have successfully transformed Debenhams from a failed department store, creating a new business model that is a capital-light, stock-light, high-growth  marketplace."

"Before Debenhams, Dan had a track record of phenomenal success in online retail during his 10 years at JD Sports. The board looks forward to working with him, as we continue the review of options to unlock and maximise shareholder value," he said.

Outgoing CEO Lyttle will remain available to Finley to ensure continuity through the change of leadership and a smooth transition. Finley will be appointed to the board in due course.

In 2021, Mahmud Kamani, the co-founder and executive chairman of Boohoo Group, and Mike Ashley clashed in their bids for Debenhams, with Kamani securing the takeover of its brand name and website. Frasers lost an estimated £150m after building up a 29.7% stake in Debenhams before its collapse in 2020.