The Hut Group (THG) has named former ITV CEO Charles Allen as its new chair to “drive growth” at the company which has seen its share price stumble in recent months.
Allen was at the helm of ITV from its formation in 2004 until 2007, and has also previously held the same position at Granada Group, and been chief advisor to the British Home Office.
He is currently chair of FTSE 250 infrastructure group Balfour Beatty and privately-owned Global Media and Entertainment.
The news comes after THG announced in October that founder, CEO and chair Matthew Moulding would stay on as chief, but would no longer serve as chair.
It was a move to reassure investors following a sharp drop in THG’s stock price in the past year on concerns over the group’s corporate governance.
‘Clear mandate to improve governance and transparency’
Allen will take up the new position of independent non-executive chair immediately and will work with CEO Matthew Moulding to “drive growth and long-term value creation”, THG announced Tuesday.
Allen commented: “It is a privilege to be joining THG as the board's chair with a clear mandate to improve governance and transparency, strengthen the board by improving its independence and diversity, review and develop the strategy and support management as it seeks to further strengthen its talented leadership team.
“The group has announced a number of strategic options for 2022 and beyond, I look forward to working with Matthew and the team to review these and I will update on progress over the next six months as the plans take shape.”
Moulding said: “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.”