RE: Today’s Times22 Jun 2023 06:34
THG also said that Iain McDonald, 52, its non-executive director, would step down from the company’s remuneration committee after shareholder advisers urged investors to vote against his reappointment, warning that he was no longer “independent” having sat on the board for 13 years.
THG has appointed Helen Jones, 64, as a non-executive director. She is also chairwoman of the remuneration committees at Premier Foods, Virgin Wines and Fuller, Smith & Turner, the pubs group. Lord Allen of Kensington, 65, THG’s chairman, said: “This appointment reinforces the board’s commitment to improve its corporate governance and continually enhance its composition.”
The business was founded in 2004 by Moulding and John Gallemore, 54. It sells cosmetics and dietary supplements from hundreds of websites. THG was Britain’s biggest initial public offering in five years when it made its stock market debut in 2020, but its share price, which at one stage was nearly at 800p, has plummeted since then. Shares in THG rose by 6.8 per cent, or 5p, to 77¾p yesterday.
The consumer brands group’s stock jumped by more than 40 per cent in April after it revealed an approach from Apollo Global Management, an American private equity firm. That, though, was followed by retreat when the group, whose brands include Cult Beauty, reported annual pre-tax losses for 2022 of £550 million, down from £186.3 million, and net debt of £181 million. Its margins had been slashed by a reluctance to pass on cost increases in higher prices and by investment in customer retention.
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