Boohoo Secures Key Shareholder Adviser Support in Mike Ashley Boardroom Clash

Institutional Shareholder Services advises Boohoo investors to reject Mike Ashley's bid for board seats ahead of a critical December 20 vote.

Institutional Shareholder Services (ISS) has recommended Boohoo shareholders vote against Mike Ashley and Mike Lennon's proposed appointments to Boohoo's board, citing conflicts of interest and lack of specific plans for change.
Mike Ashley, whose Frasers Group owns 28% of Boohoo, has criticized the company's leadership, accusing founder Mahmud Kamani of mismanagement and calling for his removal from the board.
Ashley has pledged to prevent the sale of key assets like the Debenhams brand, while Boohoo argues that his actions aim to disrupt its turnaround strategy for personal gain.
Boohoo's new CEO, Dan Finley, has outlined plans to restore the company's value, which has plummeted by over 90% since its peak during the pandemic.
The dispute occurs as Frasers Group faces its own challenges, including a profit warning, demotion from the FTSE 100, and scrutiny over its aggressive acquisition strategy.