UK fashion powerhouse Boohoo has made a significant move by appointing Tim Morris as its independent chair, a decision that underscores the company’s commitment to bolstering corporate governance. This strategic appointment comes on the heels of a comprehensive business review, which included a successful refinancing initiative that raised approximately £39.3 million, equivalent to around $49.9 million.
In this reshuffle, Mahmud Kamani has stepped into the role of executive vice chair, channeling his efforts towards nurturing young fashion enterprises, while Alistair McGeorge continues as senior independent director, further strengthening the board’s independence.
The board of Boohoo Group plc, a prominent name in online fashion, unanimously approved Morris’s appointment as independent chair, effective immediately. This decision marks a series of pivotal actions taken since the company’s business review announcement, such as the onboarding of Dan Finley as the new Group CEO and the successful capital influx mentioned earlier. The appointment of Morris reflects Boohoo’s dedication to maintaining high corporate governance standards for its shareholders.
As chair, Morris will oversee the recently initiated Business Review led by Finley and supported by the rest of the board. With his extensive expertise in law, governance, and advisory roles, Morris is set to uphold Boohoo’s commitment to excellence in corporate governance throughout the review process.
Additionally, in a move to clarify his role, Mahmud Kamani has reconfirmed his commitment as a major shareholder. He has agreed to several assurances, including the following conditions: He will refrain from participating in decision-making for any competitor, will not disclose sensitive business information, and has pledged to act in the best interest of Boohoo and its shareholders. Furthermore, he has waived his salary from Boohoo for the next year.
Morris expressed enthusiasm about his new role, stating, “I am delighted to be appointed by the Board as Chair of Boohoo. My appointment follows a series of decisive steps taken by the Board since launching its business review, including the completion of the refinancing, the appointment of Dan Finley as our new CEO, and the successful fundraising. I am excited to lead Boohoo through the next phase of its development, alongside Dan and the wider Board, with the focus on delivering maximum value for, and protecting the interests of, all shareholders.”
This robust governance framework is vital for Boohoo as it navigates the challenges and opportunities within the fast-paced fashion industry while ensuring its ongoing commitment to corporate integrity and long-term growth.
