CEO appointment blatant snub by boohoo to largest shareholder, Frasers Group

Manchester-based online fashion retailer, boohoo, has announced Dan Finley as its new chief executive, with immediate effect.

The internal appointment is a blatant snub to its largest shareholder, Frasers Group, which last week sought to install its founder, and Sports Direct brand founder, Mike Ashley, as new CEO to replace John Lyttle.

Lyttle had announced his intention to step down from the role the previous week, ahead of a strategic review to be launched by the group aimed at ‘unlocking and maximising shareholder value’, which has been widely interpreted as an impending break-up of the business.

However, today, boohoo pressed on with its plans and installed Finley, previously of Bury-based JD Sports – which is likely to irk Ashley even more – and currently CEO of Debenhams, boohoo’s digital department store.

The boohoo board said it continually considers long term succession planning for key executive roles and Finley’s appointment as CEO recognises “the phenomenal success that Debenhams has enjoyed and reflects the evolution in strategic direction of the group”.

It said the 41-year-old has deep expertise in driving the growth of online businesses.

Before joining Debenhams, he spent a decade as group multi channel director at JD Sports, where he delivered unprecedented digital growth as JD Sports became a global multi-channel leader and entered the FTSE 100.

He joined boohoo Group as CEO of Debenhams in January 2022, following the acquisition of the brand out of administration for £55m.

The retailer said under his leadership, the business has been transformed into Britain’s leading online department store with a GMV annual run rate of circa £800m, through a capital-light, cash generative and highly profitable marketplace model.

Debenhams has significant brand awareness in the UK, based on its 246-year heritage.

The business has been successfully repositioned, creating a community of approximately 10,000 brands across fashion, home and beauty, all attracted to the site by Debenhams’ millions of active customers.

Alistair McGeorge, boohoo Group Deputy Chairman, said: “The board of boohoo was unanimous in its decision to appoint Dan Finley as CEO.

“Dan is one of the outstanding leaders in a new generation of digital retailers.

“Dan and his team have successfully transformed Debenhams from a failed department store, creating a new business model that is a capital-light, stock-light, high growth  marketplace.”

He added: “Before Debenhams, Dan had a track record of phenomenal success in online retail during his 10 years at JD Sports. The board looks forward to working with him, as we continue the review of options to unlock and maximise shareholder value.”

Dan Finley said: “I am excited at the opportunities I see ahead as I become CEO of boohoo Group.

“We have brilliant brands and people, underpinned by best-in-class infrastructure.

“Under my leadership we have had great success with Debenhams and I look forward to exploring opportunities to extend this business model across the group.”

He added: ”I will dedicate myself totally to working with my colleagues to unlock significant value for all shareholders.”

John Lyttle will remain available to Dan and the group to ensure continuity through the change of leadership and a smooth transition.

Dan will be appointed to the board in due course.

Further to boohoo’s announcement of 25 October 2025, in response to Frasers Group, the board said it will be writing to shareholders in relation to their proposals in due course.

Until then, it said shareholders are strongly advised to take no action in respect of the proposals.

Russ Mould, AJ Bell

Russ Mould, investment director at Manchester investment platform, AJ Bell, said: “Mike Ashley has been defeated in his quest to run boohoo after the clothing retailer said it had appointed a new leader from within.

“While relatively young for a CEO at 41, Finley’s background looks solid, having spent a decade as a JD Sports director and then nearly three years helping to transform Debenhams as a digital entity. Clearly that’s not a patch on Ashley’s extensive retail experience, but it’s the right type of CV to grab the top job for a company of boohoo’s size.

“Finley will need some bright ideas to put boohoo back on the right track. The fact a strategic review is already under way with suggestions that certain brands will be sold means that the new boss can hit the ground running.

“Normally it would take a period of six months for a new CEO to start the job and think about the future structure.”

He added: “That doesn’t mean all the big decisions have been made before Finley gets his new office. If anything, he is promoted just at the right time when a lot of preparatory work has been done on each division’s prospects, but he gets to make the final call on where boohoo goes next.

“The challenge is immense. The previous boss, John Lyttle, spent years trying to fix boohoo without any success. Finley will need to be creative, have a sharp focus, and think differently to his predecessor. 

“There is also the risk that Mike Ashley flexes his muscles as a major shareholder via Frasers to cause disruption if he doesn’t like the new appointment.

“Ashley isn’t one to mince his words so it will be interesting to get his views on Finley’s suitability for the role.”