The Hut Group’s chief executive and founder Matthew Moulding will take over from Richard Pennycook as executive chair next year.

Pennycook, who has acted as non-executive chair for the beauty and wellness business since 2013, will hand over responsibilities to Moulding in the new year following a handover period.

Richard Pennycook

Richard Pennycook has been non-executive chair at THG since 2013

As well as Moulding’s new appointment as executive chair, the etail group’s prestige beauty managing director Rachel Horsefield will join the executive board.

The Hut Group, which recorded a 38% rise in full-year EBITDA to £69m in May, is also set to bring in more new non-executive directors.

Media group Future’s boss Zillah Byng-Thorne will join the board and become chair of the group’s audit committee, while Dominic Murphy is set to become senior independent director.

The Hut Group has been on the merger and acquisition warpath in recent months, snapping up beauty brands Espa, Illamasqua, Australian business and Europe’s largest subscription beauty box supplier Glossybox.

The retail group secured a $1bn banking facility in July to drive European and US expansion and plans to expand its presence in the North with additional office space at Manchester Airport and a MediaCityUK tech base.