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British e-commerce group THG names Charles Allen as chair

British e-commerce group THG names Charles Allen chair
British e-commerce group THG names Charles Allen chair   -   Copyright  Thomson Reuters 2022
By Reuters

– British e-commerce group THG named veteran business executive Charles Allen as non-executive chair on Tuesday, in line with its aim to split the roles of the chief executive officer and chair that were held by founder Matthew Moulding.

Allen, 65, who has an extensive boardroom experience, was British broadcaster ITV‘s first chief executive officer and now serves as chair at infrastructure group Balfour Beatty.

“Charles has a clear mandate to refresh THG‘s Board and further strengthen governance and diversity,” a statement from THG, which owns beauty retailer Lookfantastic and supplements firm Myprotein, said.

Allen’s appointment comes months after THG decided to select an independent chair to align itself to British corporate governance rules before a proposed premium listing on the London Stock Exchange.

The Manchester-based company, also known as The Hut Group, went public in a bumper initial public offering in 2020, but has since seen its market value sink amid governance concerns.

Allen, also a Labour party member in Britain’s upper house of parliament, will help develop THG‘s management team as well as refine the company’s strategy, it said.