Boohoo Shareholders Reject Mike Ashley's Board Bid

Mike Ashley's bid to join Boohoo's board has been decisively blocked by shareholders, with 64% voting against his appointment at a recent special meeting. His Frasers Group, which holds a 27% stake in Boohoo, had also proposed restructuring expert Michael Lennon, but he too was rejected by a similar margin. Boohoo's chairman Tim Morris hailed the vote as a strong endorsement of the current board, and CEO Dan Finley expressed eagerness to unlock value for shareholders. The company has faced significant challenges, with its stock price plummeting over 90% in the past five years. Frasers Group has called for a subsequent meeting on January 21 to propose the ousting of Boohoo’s co-founder Mahmud Kamani, suggesting ongoing tensions. Ashley has criticized Kamani's leadership, claiming Boohoo is in dire need of his guidance for a turnaround.