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THG PLC - Manchester-based online beauty products platform - Founder Matthew Moulding relinquishes his position as executive chair but remains chief executive officer. THG appoints Charles Allen as independent non-executive chair, starting immediately. Allen currently is chair of construction firm Balfour Beatty PLC and previously was CEO of television companies ITV PLC and Granada Group PLC.
‘Charles has a clear mandate to refresh THG's board and further strengthen governance and diversity. In addition to reviewing the independent board, Charles will be working with Matthew in developing the management team, as well as refining the group's strategy,’ THG says. The company has been under pressure to improve governance, which some investors feel has weighed on its valuation. Back in October, when THG launched its search for an independent chair, Moulding also said he would give up the 'golden share' that has prevented THG's inclusion in FTSE indices.
‘Matthew is now able to focus full-time on the business which, combined with a very strong management team and passionate committed colleagues throughout the business, ensures THG is well placed to deliver for all its stakeholders,’ Allen says.
Current stock price: 89.10 pence, up 0.2% on Tuesday
12-month change: down 87%
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