Boohoo has confirmed that Dan Finley is to become its new CEO. The decision comes days after Frasers Group tried to install Mike Ashley into the position.
Finley is currently CEO of Debenhams, the boohoo-owned digital department store, and was previously Group Multi Channel Director at JD Sportsfashion PLC.
“I am excited at the opportunities I see ahead as I become CEO of boohoo Group,” said Finley.
“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.”
The 41-year-old takes up the role with immediate effect.
“The Board of boohoo was unanimous in its decision to appoint Dan Finley as CEO,” added Alistair McGeorge, boohoo Group Deputy Chairman.
“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.”
Finley became CEO of Debenhams in January 2022 after Boohoo acquired the brand out of administration for £55m. Under his leadership the group said it had become a leading department store with a GMV annual run rate of around £800m. It’s been repositioned to attract around 10k brands across fashion, home and beauty to its ecommerce site.
It’s been a hectic few weeks at the top of boohoo, after John Lyttle announced his decision to step down as CEO.
Frasers Group, which owns 27% of the Manchester online fashion group said it felt Mike Ashley was the strongest candidate and should replace Lyttle “as soon as possible.”
Boohoo responded to say that the appointment of CEO was a “critical Board decision” and required “careful consideration and proper governance.”
There’s yet to be a response from Frasers’ regarding today’s announcement.
The group stated that Lyttle will remain available to Finley to help with the transition.
