Mike Ashley Demands CEO Role at Boohoo

Mike Ashley, founder of Frasers Group and Boohoo's largest shareholder, has demanded to be appointed CEO of Boohoo amid concerns over the company's declining performance, including a 36.5% drop in revenue over the past six months. In an open letter, Ashley criticized the Boohoo board for its 'incompetence' and claimed there is a 'leadership crisis' following the announcement of CEO John Lyttle's departure. Frasers has called for an urgent meeting for shareholders to vote on Ashley's proposed appointment, while Boohoo has raised governance concerns regarding Ashley's potential dual role given his significant stakes in other retail businesses. Boohoo's board has indicated a willingness to discuss representation but insists on the need for appropriate governance to protect shareholder interests. Frasers argues that Boohoo's ongoing financial struggles warrant immediate leadership changes to restore shareholder value. The situation is poised for an intense showdown between Ashley and Boohoo's management, particularly billionaire heir Umar Kamani.