Boohoo Offers Board Seat to Frasers Group

Boohoo has offered its largest shareholder, Frasers Group, a seat on its board, but not for its controversial nominees Mike Ashley and Mike Lennon, citing potential conflicts of interest. Frasers has been pushing for Ashley's appointment as CEO, which Boohoo rejected in favor of Dan Finley, leading to a public dispute. Ahead of a critical vote on December 20, Frasers accused Boohoo co-founder Mahmud Kamani of exaggerating governance concerns to protect his influence. Boohoo has urged shareholders to reject Frasers' proposals, claiming that Ashley and Lennon are inappropriate candidates due to their ties to Frasers and the competitive landscape. Frasers, holding a 27% stake in Boohoo, argues that the board's resistance is self-serving and obstructs potential value for all shareholders. The ongoing conflict highlights tensions between shareholder interests and board governance as both companies navigate the retail landscape.