Under fire Hut Group seeks to silence critics: Independent director appointed to address governance fears
The Hut Group has appointed a new independent director to its board to address fears over its governance.
Former Deloitte partner Damian Sanders, 52, will join, with a fourth independent director to be hired within ten months.
It follows criticism of the widereaching powers held by its founder and executive chairman Matt Moulding and the lack of independent directors.
Tight grip: Hut Group founder and chief exec Matt Moulding gets £19.4m a year as company landlord and, with his wife Jodie (pictured), owns a £553m stake in the firm
Last week the Mail revealed that Moulding had been awarded a bonus worth £840million following Hut’s float.
Sanders, who also sits on the board of Cineworld, will be chairman of the remuneration committee, replacing Moulding ally Dominic Murphy, who has a £115million stake in the company.
Moulding, 48, gets £19.4million a year as company landlord and, with his wife Jodie, owns a £553million stake.
He has a special share that allows him to veto takeovers. Last month several banks raised red flags on governance.
Fashion giant Boohoo also sought to shake offsimilar fears, after the Leicester sweatshop scandal, hiring Shaun McCabe, Trainline’sfinance chief, to chair its audit committee.