Mike Ashley Pushes for Boohoo Leadership Overhaul

Frasers Group demands the removal of Boohoo co-founder Mahmud Kamani, citing governance issues and poor financial performance.

Mike Ashley's Frasers Group, Boohoo's largest shareholder, is urging the removal of co-founder Mahmud Kamani from the board, despite his recent shift from chairman to executive vice-chairman.
Frasers criticized Boohoo's recent financial results, including a 15% revenue decline over six months and a £222m debt refinancing, calling them a 'catastrophe.'
Boohoo has appointed Tim Morris as independent chairman and Dan Finley as CEO, but Frasers claims these changes fail to address governance and strategic concerns.
Frasers is pushing for shareholders to vote on appointing Mike Ashley as Boohoo's CEO and restructuring expert Mike Lennon as a board director.
Boohoo alleges that Frasers' actions may be an attempt to destabilize the company for a potential acquisition of its assets at a reduced price.