Mike Ashley has failed to secure a seat on Boohoo’s board at an investor meeting held on Friday, 64 per cent of shareholders voted against his appointment, reflecting strong resistance to the proposal.
Boohoo’s largest shareholder with a 28 per cent stake, had backed Ashley’s appointment. He criticised Boohoo’s board for “gross mismanagement,” citing the company’s 90 per cent decline in share value over the past five years. Ashley had proposed introducing “fresh ideas” to the board and sought to prevent a potential asset fire sale, including Boohoo’s Debenhams business. He also expressed interest in exploring more sustainable and cost-effective financing options.
Boohoo’s board and advisory firms Glass Lewis and Institutional Shareholder Services recommended shareholders vote against both nominations.
Tim Morris, Boohoo’s independent non-executive chair, expressed gratitude to shareholders for their support, stating, “We remain focused on delivering our Business Review to unlock and maximize value for all shareholders.”
