boohoo appoints new CEO
Online fashion giant boohoo has appointed a key figure at Primark as its new CEO.
John Lyttle will leave his position as COO of the high street fashion retailer to take the helm of boohoo from March 15th next year.
The appointment is one of a number of changes to the boohoo board which includes current joint CEO and co-founder Mahmud Kamani becoming group executive chairman.
boohoo said his focus and responsibilities will evolve more towards the long-term strategic direction for the group and away from the day-to-day running of the business.
His fellow co-founder and joint CEO Carol Kane will remain on the board in an executive role and become executive director. She will lead the group's creative vision and oversee development of its product proposition.
the boohoo group’s brands include boohoo, boohooman, PrettyLittleThing and Nasty Gal.
Non-executive chairman Peter Williams will step down in March, with boohoo beginning the search for a further independent non-executive director.
During his eight-year tenure at Primark, Lyttle has helped grow turnover by 158 per cent to more than £7 billion and operating profit by 116 per cent to £735 million.
Lyttle, who will receive an annual salary of £615,000 plus an annual bonus of up to 150 per cent of that salary, has previously held senior roles at Matalan and the Arcadia Group.
"We are thrilled to have secured a candidate of John's calibre as our CEO,” said Kamani. “We have got to know John over a number of years and are convinced he has the necessary skills to complement what we already have and take the Group on to its next stage of growth.
“Both of us remain totally committed to the business and will ensure a measured and careful handover.
“This is a hugely exciting time for the group as the fast fashion market continues to shift online and more and more customers across the globe are joining as customers of our brands.
“The group has experienced exceptional growth over the past few years, with turnover increasing 24 fold from £24.5m in 2011 to £579.8m for the year ended 28th February 2018 and we believe John is ideally placed to guide the group through the next stage of its growth.
“Our next priority for boohoo is to ensure we have world class infrastructure and technology in place and we believe John is the right person to lead that journey.”
Lyttle said: "I have known Mahmud and Carol for a number of years and have watched the growth of the boohoo group with admiration.
“I am hugely excited to be joining the group at this key stage of its growth and capitalising on what is a global opportunity."
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