THG non-exec director Tiffany Hall leaves
THG has lost one of its key non-executive directors. The online retail and technology giant announced Friday that Tiffany Hall has stepped down from the board with immediate effect due to “family reasons”.
Her 12 months on the THG board most notably included chair of the Remuneration Committee. That means Damian Sanders, chair of the Audit Committee, will resume his previous role as chair of the Remuneration Committee on an interim basis.
Hall said of her departure: “Although my time with the group has been shorter than anticipated, I have huge respect and admiration for everything Matthew Moulding and the board have achieved and I believe THG has great long-term prospects.”
The praise comes as THG has been going through something of a tough run of late. Founder and CEO Moulding has seen a near-88% hit to the share price of his retail empire in the past year following a series of negative headlines.
Earlier this month rating agency Fitch revised its long-term Issuer Default Rating (IDR) outlook from ‘positive’ to ‘stable’. Material cost challenges, including logistics, energy and raw material prices, posed concerns, Fitch said.
The credit rating agency added: “We expect increased competition as trading conditions normalise post-pandemic. At the same time further cost pressures will drive continuing profit margin softness in 2022, before improving next year, as well as negative free cash flow (FCF) due to substantial investments.”
The retailer has reportedly been eyed by private equity firms for a buyout. Representatives from Advent International were said to have visited the firm’s Manchester headquarters while LA-based Leonard Green is understood to have also expressed an interest.
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