UK-based fashion brand Boohoo has made a significant move by appointing Tim Morris as its independent chair. This strategic decision underscores the company’s ongoing commitment to enhancing its corporate governance. The appointment comes on the heels of a comprehensive Business Review, during which Boohoo successfully completed a refinancing effort and raised approximately £39.3 million (around $49.9 million).
In conjunction with Morris’s appointment, Mahmud Kamani will take on the role of executive vice chair, where he will concentrate on the company’s ventures within the youth fashion sector. Alistair McGeorge will continue as the senior independent director, further solidifying the board’s independence.
The Boohoo Group’s board of directors is eager to highlight that Morris’s expertise in legal, governance, business, and board advisory roles will play a pivotal role in maintaining the high standards of corporate governance. His responsibilities will involve overseeing the company’s recently launched Business Review, which will be executed by new CEO Dan Finley along with the board.
The decision for Kamani to become executive vice chair allows the company to have an independent chair while he remains active in his daily executive duties. Kamani, an essential member of the leadership team, will also reaffirm his commitment to responsible governance as a major shareholder.
To ensure transparency and good governance, Kamani has provided a set of assurances concerning his relationship with Boohoo. These include promises to avoid involvement in any rival company’s commercial decisions and not to share sensitive information. Additionally, he has committed to ensuring all related party transactions will adhere to arm’s length commercial terms, and he has explicitly stated that he does not intend to make an offer to acquire the company or its assets.
Morris expressed his enthusiasm for taking on the chair role, stating he looks forward to guiding Boohoo through its upcoming development phase alongside Finley and the rest of the board. His focus will be to maximize shareholder value and protect the interests of all stakeholders.
Amid these leadership changes, the company is positioned for a promising trajectory, aiming to not only recover but thrive in the competitive online fashion landscape.
