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The Hut Group hires former ITV boss as new chairman to strengthen governance

Sophie Smith
22 March 2022

The Hut Group has hired former ITV boss Charles Allen as its Chairman as part of efforts to improve its corporate governance.

Last year, the Manchester-based company saw more than £2 billion knocked off its stock market value after it faced criticism over its governance structure and future prospects. In October, the group, which owns brands including Cult Beauty and Lookfantastic, said it would hire an independent chair.

The group said Allen will become non-executive chair in a move which will split the dual roles of Executive Chair and Chief Executive Officer held by Founder Matthew Moulding. Moulding will continue as CEO of the company.

Allen, who is also chair of FTSE 250 construction firm Balfour Beatty, has been given a mandate to refresh THG’s board and boost its governance and diversity. He will also work with the founder in developing the company’s management team and “refining the group’s strategy”.

Matthew Moulding, Founder of THG, said: “I am delighted that we have been able to attract someone of Charles’s calibre and reputation. He has extensive boardroom experience across a range of sectors spanning 40 years. Charles’s consumer, retail, digital and media expertise, knowledge and skills will help THG to continue to drive profitable and sustainable growth, deliver for all our stakeholders and to meet the highest standards of corporate governance. Furthermore, on a personal note, his appointment will enable me to focus my attention on delivering the group’s plans for growth.”

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