Key THG non-executive director steps down
A key and longstanding member of THG board has stepped down with immediate effect.
Private equity tycoon Dominic Murphy has left the beauty-to-tech platform where he’s been a non-executive director since 2014. He remains chief executive and founder of investment group 8C Capital and is also a director of Walgreens Boots Alliance.
His departure comes after the UK e-commerce group last month rejected a £2.1 billion buyout proposal from two investment firms and attracted interest from entrepreneur Nick Candy. THG has become a takeover target in recent months after losing over two-thirds of its market value since debuting on the London Stock Exchange in 2020.
Murphy, who led the £12 billion takeover of Boots in 2007 when he was a partner at KKR, is reported to have made £50 million when THG floated in 2020.
He said: “It has been nearly eight years since I joined the board of THG, during which time I have had the privilege to witness the group's journey through a period of profound transformational growth.
“Considering the length of my tenure, I feel that now is the right time to step down as an independent non-executive director. It has been a remarkable journey and the group has grown to be a genuine market leader in its chosen markets. I wish THG and the Board all the best for the future.”
Chief executive Matthew Moulding added: "Dominic has brought a wealth of experience to the board and I would like to sincerely thank him for his invaluable contribution to THG over its transformational journey during his tenure. We wish Dominic the very best for the future.”
THG said its board and the Nomination Committee “will continue their search for suitable additional independent non-executive directors to further strengthen the board”.
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