Boohoo snubs Ashley in favour of Debenhams CEO

Boohoo has announced the appointment of Debenhams CEO Dan Finley as its new CEO.

The retailer has chosen to ignore the demands of Frasers Group owner Mike Ashley who demanded to be given the role.

Finley, who has been with Debenhams for two years, will take up the role with immediate effect.

Before joining Debenhams, he spent a decade as group multi-channel director at JD Sports.

Alistair McGeorge, Boohoo group deputy chairman, said: “The board of Boohoo was unanimous in its decision to appoint Dan Finley as CEO. Dan is one of the outstanding leaders in a new generation of digital retailers. Dan and his team have successfully transformed Debenhams from a failed department store, creating a new business model that is a capital-light, stock-light, high-growth marketplace.

“Before Debenhams, Dan had a track record of phenomenal success in online retail during his 10 years at JD Sports. The Board looks forward to working with him, as we continue the review of options to unlock and maximise shareholder value.”

Finley added: “I am excited at the opportunities I see ahead as I become CEO of Boohoo group. We have brilliant brands and people, underpinned by best-in-class infrastructure. Under my leadership we have had great success with Debenhams and I look forward to exploring opportunities to extend this business model across the Group. I will dedicate myself totally to working with my colleagues to unlock significant value for all shareholders.”