Boohoo has been forced to cancel its plan to pay CEO John Lyttle and its co-founders, Mahmud Kamani and Carol Kane, each a £1m bonus despite the group missing targets on sales, profits, cashflow, environmental, and IT goals.
Investors were to vote on 20 June on whether to approve the bonus payouts announced last week in Boohoo’s annual report. The report clearly showed that the business’s net debts rose to £95m in the year ended February ’24, with losses growing to £160m against falling revenues.
However, despite the business’s underperformance, the group’s remuneration committee awarded the three directors a ‘one-off bonus of £1m each’, 30 per cent of which was cash and the balance in shares.
Boohoo owns Debenhams along with Dorothy Perkins, Pretty Little Thing and Warehouse and had posted group revenues of £1.8bn for the year.
Share