RE: 1.10 by next Friday19 Mar 2022 10:22
In the Mail today
One of the UK's own 'tech' firms – though some critics have argued it is more of a retail conglomerate – has had a torrid time since listing on the stock market in 2020.
THG, or The Hut Group, listed at 500p per share, but it is now worth just 95.75p, even after climbing 4.6 per cent, or 4.2p, yesterday.
One of the key concerns, when the firm floated, was corporate governance. Investors worried that there weren't enough truly independent board directors to keep in check THG's boss and founder Matt Moulding. THG repeatedly insisted it would hire more directors, and must have breathed a sigh of relief when it finally installed Tiffany Hall in 2021 to chair the remuneration committee. But Hall stepped down with immediate effect yesterday 'for family reasons'.
Damien Sanders, a former Deloitte partner who was brought onto the board in late 2020, will now temporarily head up the remuneration committee – leaving him with the unenviable job of leading discussions on the pay of Moulding and other executives.