Frasers Group Pushes for Mike Ashley as Boohoo CEO

Frasers Group, which owns Sports Direct and holds a 27% stake in Boohoo, is advocating for its founder, Mike Ashley, to become Boohoo's CEO following the resignation of John Lyttle. Frasers emphasizes Ashley's leadership as vital during Boohoo's 'leadership crisis,' pointing to declining sales and strategic hurdles. The group seeks an emergency shareholder meeting to vote on Ashley's appointment and to include restructuring expert Mike Lennon on Boohoo's board. Boohoo is reviewing the proposal and advises shareholders to refrain from immediate action. This initiative underscores Frasers' broader strategy of enhancing its influence in major retail businesses amid Boohoo's financial struggles and competitive market pressures.