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Troubled Hut Group shakes up its board in a bid to revive its fortunes

Troubled ecommerce business Hut Group shakes up its board in a bid to revive its fortunes

THG has reshuffled its top team in a bid to revive its fortunes.

The troubled ecommerce business – formerly The Hut Group – said board member Damian Sanders, a former audit partner at Deloitte, would take over as chief financial officer.

Finance chief John Gallemore will become chief operating officer.

Shake-up: THG, led by Matthew Moulding (pictured), said board member Damian Sanders, a former audit partner at Deloitte, would take over as CFO

Gallemore co-founded the Lookfantastic and MyProtein owner in 2004 with chief executive Matthew Moulding (pictured) and helped navigate the firm’s blockbuster stock market listing in 2021.

Once a darling of the stock market, THG has haemorrhaged 93pc of its share price since the float. 

It warned last week that annual profit would be hit by a slowdown in sales growth, elevated raw material costs – particularly for whey protein – and the timing of contracts. 

Danni Hewson, financial analyst at AJ Bell, said THG’s leadership has ‘seemed to be spread too thin and lacked the kind of focus required to really turn around the company’s fortunes’.

THG chairman and ex-ITV boss Lord Allen said Gallemore had ‘effectively been undertaking two jobs to date’ but would now be able ‘to devote a singular focus to driving the operations of the group where his experience is invaluable’.

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Read more at DailyMail.co.uk



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