Troubled Hut Group shakes up its board in a bid to revive its fortunes
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Struggling e-commerce company Hut Group shakes up the board in a bid to revive its fortunes
THG has reshuffled its top team in an effort to revive its fortunes.
The troubled e-commerce company – formerly The Hut Group – said board member Damian Sanders, a former audit partner at Deloitte, would take over as chief financial officer.
Finance chief John Gallemore becomes chief operating officer.
Shake-up: THG, led by Matthew Molding (pictured), said board member Damian Sanders, a former audit partner at Deloitte, would take over as CFO
Gallemore co-founded Lookfantastic and MyProtein with CEO Matthew Molding (pictured) in 2004 and helped navigate the company’s blockbuster IPO in 2021.
Once a darling of the stock market, THG has bled 93 percent of its share price since going public.
It warned last week that full-year earnings would be hurt by a slowdown in sales growth, higher raw material costs – particularly for whey protein – and the timing of contracts.
Danni Hewson, a financial analyst at AJ Bell, said THG’s leadership seemed “too thin and didn’t have the kind of focus needed to really turn the company’s fortunes around.”
THG chairman and ex-ITV boss Lord Allen said Gallemore had “actually held two jobs so far” but could now “dedicate a single focus to driving the group’s operations where his experience is invaluable is’.