Boohoo Shareholders Reject Mike Ashley's Boardroom Bid

The retail tycoon’s attempt to join Boohoo’s board was decisively blocked, with nearly two-thirds of shareholders voting against his proposal.

Mike Ashley, founder of Sports Direct and head of Frasers Group, failed in his bid to join Boohoo's board along with restructuring expert Michael Lennon.
Nearly 64% of shareholder votes opposed Ashley's appointment, with 99% of independent shareholders voting against when excluding Frasers Group's stake.
Frasers Group, Boohoo's largest shareholder with a 28% stake, had pushed for the appointments, citing Boohoo's financial struggles and falling share value.
Boohoo's leadership accused Ashley of having conflicts of interest and ulterior motives, suggesting he might aim to disrupt the company's turnaround plan.
Boohoo's executives emphasized their focus on maximizing value for all shareholders and pledged to maintain professional engagement with Frasers Group moving forward.