The latest development in the battle between Boohoo’s largest shareholder, Frasers and the Boohoo board has seen Frasers calling for a shareholder’s meeting to oust Mahmud Kamani and replace him with Mike Ashley and Mike Lennon.
Simultaneously, Boohoo said that its co-founder Mahmud Kamani had been replaced as chairman by a non-executive director, Tim Morris and that Kamani would move to the role of vice-chair.
Boohoo said, in a statement: “The board has decided to divide the role between his (Mahmud Kamani’s) executive capacity and his role as the board’s chair, to enable the company to have an independent chair and allow Mahmud to continue in his day to day executive role. ”
A Frasers spokesperson retorted saying: “His (Mahmud Kamani’s) title might have changed but his grip on the company has not. Recent events, in particular the interim results, lack of transparency and further supply chain allegations, should leave shareholders in no doubt – Mr Kamani must go.”
Boohoo has called a General Meeting which will take place on December 20th and is advising shareholders that they should ignore Frasers’ demands. Frasers in turn has called for a separate meeting specific to the issue of removing Kamani from the Boohoo board room and business.
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