Boohoo has poached Primark executive John Lyttle as its new boss, as joint-chief executives Mahmud Kamani and Carol Kane prepare to take new boardroom roles.
On that date, Kamani will become group executive chairman. His responsibilities will shift towards “the long-term strategic direction” for the group and “away from the day-to-day running” of the business, Boohoo said.
His co-boss Carol Kane will also remain on the board and will take on the title of group co-founder and executive director.
In her new role, Kane will “lead the vision for the group’s creativity and multi-brand strategy”. She will focus on the positioning of the Boohoo, Boohoo Man, Pretty Little Thing and Nasty Gal brands, overseeing the development of their respective propositions.
As part of the changes, current chairman Peter Williams will step down from his role.
Boohoo said Lyttle’s appointment was “key” for the etailer’s “next stage of growth”. It said the board changes were “designed to support the journey of the group through its further international expansion”.
Kamani and Kane added in a joint statement: “We are thrilled to have secured a candidate of John’s calibre as our CEO.
“We have got to know John over a number of years and are convinced he has the necessary skills to complement what we already have and take the group on to its next stage of growth.
“Both of us remain totally committed to the business and will ensure a measured and careful handover.”
Lyttle said: “I have known Mahmud and Carol for a number of years and have watched the growth of the Boohoo group with admiration. I am hugely excited to be joining the group at this key stage of its growth and capitalising on what is a global opportunity.”
As part of his remuneration package, Lyttle will be in line for a £50m bonus if Boohoo’s market cap increases 180% over the next five years, from £2bn to £5.6bn.
He will be paid a basic salary of £615,000 a year and be entitled to a bonus worth up to 150% of his annual pay.