In a strategic leadership decision, Boohoo has appointed Dan Finley, formerly of Debenhams, as its new CEO, effective immediately. Finley brings nearly three years of experience from Debenhams, which Boohoo acquired in 2021. This move comes despite pressure from Mike Ashley’s Frasers Group—Boohoo’s largest shareholder with a 27 per cent stake—to install Ashley himself in the role. Following John Lyttle’s resignation announcement in October, Frasers called for a shareholder meeting on 24th October, urging Boohoo’s board to elect Ashley, citing “long-term mismanagement” as a concern.
In response, Boohoo’s deputy chairman, Alistair McGeorge, expressed the board’s unanimous support for Finley, describing him as a leader in the digital retail space. McGeorge highlighted Finley’s successful transformation of Debenhams into a modern, high-growth online marketplace. Boohoo’s leadership shift also follows a 15 per cent revenue decline in the six months to 31st August, prompting the company to initiate a strategic review that has sparked market speculation on the company’s future.
Finley has expressed his commitment to expanding Boohoo’s model using Debenhams’ recent growth strategies, stating the company’s “brilliant brands and people” as assets for future success.
