New Boohoo CEO could make up to £50m

Additionally, the company said that Peter Williams had stepped down from his role as non-executive chairman with effect from today and that two new independent non-executive directors would be recruited.

Lyttle joins Boohoo after eight years at Primark, during which him fast fashion retailer’s turnover rose 158% to over £7 billion, with operating profit up 116% to £735m. He’s also previously worked for Matalan and the Arcadia Group.

He will receive a basic salary of £615,000, with a bonus of up to 150% of annual pay. When he was appointed, Bloomberg reported he would receive a payout of up to £50m if he drives a 180% growth in the company’s value over the next five years.

In January, Boohoo announced that it had grown revenues by 44% in the last four months of 2018, to £328.2m. Its full results for the year will be announced on April 24th.

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