Frasers Group are seeking to depose former CEO John Lyttle as a company director as well as install their founder Mike Ashley instead. It complains of a 'complete failure to meaningfully engage' with Frasers.
Frasers Group, the owner of Sports Direct, House of Fraser and Flannels, has written to Boohoo ordering it to sack its chief executive and appoint Frasers founder Mike Ashley instead. Boohoo, the online fast fashion retailer, had ignored a private Frasers request to install Mr Ashley, according to an open letter from Frasers Group to members of Boohoo's board. Frasers can influence Boohoo as it's the biggest shareholder, owning 27% of all shares.
' Money blog: Bank of England boss makes inflation admission Frasers added it assumed the request to appoint Mr Ashley had been rejected as it has received only 'holding responses' resulting in delay 'in a situation where time is of the essence'. What are Frasers Group up to and what do they want? The letter demanded a seat on the board to represent Frasers Group and called for a general meeting of the company.
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