UK e-commerce group THG appoints Charles Allen as chairman

(Reuters) – British e-commerce group THG has appointed business veteran Charles Allen as non-executive chairman, in line with its aim to split the CEO and chairman roles held by founder Matthew Moulding.

Allen, 65, with extensive boardroom experience, was the first chief executive of British broadcaster ITV and is currently chairman of infrastructure group Balfour Beatty.

“Charles has a clear mandate to refresh the THG Board and further strengthen governance and diversity,” said a statement from THG, which owns cosmetics retailer Lookfantastic and supplements company Myprotein.

Allen’s appointment comes months after THG decided to appoint an independent chairman to align with UK corporate governance rules ahead of a proposed premium listing on the London Stock Exchange.

The Manchester-based company, also known as The Hut Group, went public in an initial public offering in 2020, but has since seen its market value fall amid management concerns.

Allen, who is also a member of the Labor Party in the upper house of the British Parliament, will help develop THG’s management team as well as refine the company’s strategy, he said.

(Reporting by Sachin Ravikumar in Bengaluru; Editing by Uttaresh.V and Sherry Jacob-Phillips)