BOOHOO yesterday snubbed Mike Ashley’s demands to be installed as CEO and promoted an insider instead.
The troubled online fashion retailer named Dan Finley, 41, as its new chief executive “with immediate effect”.
Mr Finley has run its Debenhams online store for the past two years and previously worked at JD Sports, a rival to Mr Ashley’s Sports Direct.
It is understood the announcement was a shock to Mr Ashley’s Frasers Group, which last night had not commented.
Mr Ashley holds a 37 per cent stake in Boohoo and has accused it of destroying shareholder value.
Clive Black, analyst at Shore Capital, said: “The appointment has box-office implications.”
He added of the boardroom bust-up: “There could be a few rounds to go yet.”
Mr Finley said he would be focused on “delivering value for all our shareholders” but he refused to refer directly to Mr Ashley.
Stephen Morana, Boohoo’s finance chief, said of Mr Ashley’s wish for a board seat: “We want to find a solution, but it would be like giving a board seat to a direct competitor.”
Mr Morana said Mr Finley had been “CEO-in-waiting” for a while.
Yesterday, Boohoo’s share price rose 3.31 per cent, valuing the firm at £392million.
Four years ago, it was worth £3billion.
Reckitt wins
SHARES in household goods giant RECKITT jumped 6.6 per cent yesterday after a US jury cleared it of covering up risks of its baby milk.
The maker of Durex and Dettol has spent four years battling more than 1,000 lawsuits claiming its Mead Johnson premature infant milk formula caused intestinal disease.
Stamp surge
A RUSH of house sales is likely in the first three months of 2025 as buyers try to seal deals before a rules change, experts are predicting.
The Budget has reduced the threshold for stamp duty relief — which comes into force on April 1.
NATIONWIDE said the move will “lead to a jump in transactions”.
Good week, bad week
GOOD WEEK: WAEL Sawan, boss of SHELL, after better-than-expected quarterly profits of £4.6billion, prompting a £2.6billion share buyback.
BAD WEEK: JAMES Wroath, CEO of logistics firm WINCANTON, as the regulator delays its £762million takeover by GXO.
