Article1 Nov 2024 13:22
Russ Mould at Manchester investment platform, AJ Bell, said: “Mike Ashley has been defeated in his quest to run boohoo after the clothing retailer said it had appointed a new leader from within.
“While relatively young for a CEO at 41, Finley’s background looks solid, having spent a decade as a JD Sports director and then nearly three years helping to transform Debenhams as a digital entity. Clearly that’s not a patch on Ashley’s extensive retail experience, but it’s the right type of CV to grab the top job for a company of boohoo’s size.
“Finley will need some bright ideas to put boohoo back on the right track. The fact a strategic review is already under way with suggestions that certain brands will be sold means that the new boss can hit the ground running.
“Normally it would take a period of six months for a new CEO to start the job and think about the future structure.”
He added: “That doesn’t mean all the big decisions have been made before Finley gets his new office. If anything, he is promoted just at the right time when a lot of preparatory work has been done on each division’s prospects, but he gets to make the final call on where boohoo goes next.
“The challenge is immense. The previous boss, John Lyttle, spent years trying to fix boohoo without any success. Finley will need to be creative, have a sharp focus, and think differently to his predecessor.
“There is also the risk that Mike Ashley flexes his muscles as a major shareholder via Frasers to cause disruption if he doesn’t like the new appointment.
“Ashley isn’t one to mince his words so it will be interesting to get his views on Finley’s suitability for the role.
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