Boohoo Blocks Mike Ashley’s Board Bid, Citing Conflict of Interest

The fast-fashion retailer rejects Frasers Group's push for two board seats as shareholders prepare to vote on the matter next week.

Boohoo has rejected Frasers Group's proposal to appoint Mike Ashley and restructuring expert Mike Lennon to its board, citing conflicts of interest.
Frasers Group, Boohoo's largest shareholder with a 27-28% stake, accuses Boohoo leadership of prioritizing co-founder Mahmud Kamani's influence over shareholders' interests.
Mike Ashley has criticized Boohoo's management, calling Kamani 'egotistical' and accusing the board of mismanagement that has led to a 90% drop in Boohoo's share value since 2020.
Shareholder advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have urged investors to vote against Ashley and Lennon's appointments at the December 20 meeting.
Boohoo's board contends that Frasers' actions aim to destabilize the company, while Frasers warns that rejecting its nominees could result in further financial losses for shareholders.