THG re-elects chair despite small shareholder revolt
This news comes after THG signed a new multi-year partnership with Frasers Group
THG has re-elected its chair Lord Charles Allen with just 9.25% voting against his re-election despite vocal opposition.
Kelso Group, a minority shareholder with a 0.55% stake in the company, publicly opposed his reappointment as it voiced concerns about what it claims is a lack of action on THG’s strategic direction.
Dutch investment firm Ophorst Van Marwijk Kooy Vermogensbeheer, holding a 1.89% stake, was also opposed to Allen.
Lastly Oliver Cookson, founder of THG’s Myprotein brand with a 1.6% stake, also expressed his dissatisfaction.
Former ITV CEO Allen joined the company in 2022 to stabilise the company’s sliding share price.
This news comes after THG signed a new multi-year partnership with Frasers Group.
THG will integrate the Frasers Plus credit offer into its Ingenuity platform while Frasers snapped up its luxury brands business, including Coggles.
THG will also support Frasers with its courier management services and re-platforming its Australian fulfilment and logistics operations.
Lastly, a curated range of Myprotein products will be launched in-store at Sports Direct, including the Hyrox x Myprotein range.
