THG appoints former BBC marketing boss Sue Farr as a non-executive director of the online retailer
- Farr chairs the remuneration committee at Lookers, Helical and Accsys
- She previously held executive positions at Chime Communications and the BBC
- Private equity house Apollo Global Management is interested in purchasing THG
Acquisition target THG has appointed Sue Farr as senior independent director of the e-commerce retailer.
Farr holds multiple non-executive directorships at many prominent London-listed companies, such as British American Tobacco and Unlimited Marketing Group.
She also chairs the remuneration committee at car dealership Lookers, real estate developer Helical and Accsys Technologies, where she plans to step down after the annual general meeting in August.
Appointment: THG has announced that Sue Farr, the BBC’s first ever Director of Marketing and Communications, has become Senior Independent Director
Prior to these roles, Farr served on the boards of fashion retailer New Look, Dairy Crest, owner of Cathedral City, and Millennium & Copthorne Hotels.
Farr has a long career in advertising and marketing, including at Thames Television, advertising agency DCRS, and seven years as the BBC’s first Director of Marketing and Communications.
She then joined Chime Communications, initially serving as director of strategic and business development from 2003 to 2015, before spending another five years as a senior advisor.
Lord Allen of Kensington, THG’s chairman, said Farr had ‘had an impressive career in a number of consumer, media and marketing companies, and has since demonstrated her skills as an experienced senior independent director and committee chair’.
He added: “Building on the progress made over the past 12 months, this appointment is in line with the stated intention of the Board of Directors to continue to improve corporate governance and enhance its composition through independence and diversity. to improve.’
Farr’s arrival at THG comes a week after private equity house Apollo Global Management announced its interest in acquiring the online retailer.
The company has seen its share price fall by more than 80 percent since listing on the London Stock Exchange in September 2020 amid slowing online sales, corporate governance concerns and targeting by short sellers.
Monday morning, THG shares were 9.9 percent higher at 98p.
Last Tuesday it revealed that losses had nearly quadrupled to £540m by 2022 after taking significant write-downs across its beauty and technology divisions.
Co-founder and chief executive Matt Molding has made it no secret that he regrets listing the company, saying earlier this month: “It’s certainly not an experience I would recommend to anyone.”
In addition to THG, Apollo is also seeking to buy John Wood Group, recently raising its bid for the oilfield service provider to £1.7bn after four previous proposals were rejected.
The perceived undervaluation of London-listed stocks has made them a ripe target for takeover by private investors with large cash reserves.
Last Friday, Brookfield Asset Management made a £2.1bn bid for payment processor Network International, while Sureserve, a social housing energy services company, accepted a £214.1m bid from Cap10 Partners.
Veterinary product manufacturer Dechra Pharmaceuticals and real estate fund Industrial REIT are also subject to takeover interest.
High-profile companies that have fallen into foreign hands in the past 12 months include aerospace component maker Meggitt, fashion brand Ted Baker and Aveva, which was bought by French conglomerate Schneider Electric.