Mar 22, 2022

THG picks former ITV chief as chair in corporate governance shake-up

THG has turned to boardroom heavyweight Charles Allen to chair the UK ecommerce company in its highest-profile attempt yet to rebuild confidence among investors troubled by its strategy and leadership. After a five-month search, THG said it had picked the former ITV chief executive to lead its board as part of a wider shake-up in which founder and chief executive Matt Moulding has relinquished the chairmanship. The new independent non-executive chair would have a mandate to "Refresh" the board and to "Further strengthen governance", the Manchester-based company said in a statement. Allen's appointment failed to spur a recovery in THG's share price - a sign that investors' concerns go beyond corporate governance. Moulding's previous position as both executive chair and chief executive contravened UK corporate governance best practice.

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