THG to undertake "detailed scrutiny" of board in months ahead
THG could see major board-level changes as the online beauty and technology group continues to see its performance and share price struggle.
The structure of THG's board will be a “prime focus” and the subject of “detailed scrutiny” over the coming months, its recently-installed chairman Lord Charles Allen has said.
In the annual report, he said the firm is “acutely aware” of the need to have a “suitably-equipped” leadership team in place to guide THG through the next “significant stage of its corporate governance journey,” reported BusinessLive.
He also said that “due regard” must be given to both the balance of executive directors and non-executive directors as well as the need “for appropriate succession planning to be undertaken”.
In the report, CEO Matthew Moulding also said THG has made “substantial progress” but he’s “disappointed that this has not translated into tangible shareholder returns.”
Its share price has fallen from almost £8 at their 2021 debut to a little over £1 each today.
Lord Allen added: “Within the parameters of a robust governance framework and aligned with its growth ambitions, the company remains committed to enhancing and developing its operations, its business model and its businesses.”
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