New Boohoo CEO could make up to £50m

David Prior's picture

Former Primark chief operating officer John Lyttle has officially joined Boohoo as its new CEO.

His appointment, which was first announced by the Manchester-based online retailer in September, coincides with a reshuffle of its former joint chief executives.

Mahmud Kamani will become group executive chairman of the company while Carol Kane becomes the new group co-founder and executive director.

Boohoo said the appointment was a "key constituent of the group’s strategy in positioning for its next stage of its growth".

Boohoo founders Mahmud Kamani and Carol Kane

Additionally, the company said that Peter Williams had stepped down from his role as non-executive chairman with effect from today and that two new independent non-executive directors would be recruited.

Lyttle joins Boohoo after eight years at Primark, during which him fast fashion retailer's turnover rose 158% to over £7 billion, with operating profit up 116% to £735m. He's also previously worked for Matalan and the Arcadia Group.

He will receive a basic salary of £615,000, with a bonus of up to 150% of annual pay. When he was appointed, Bloomberg reported he would receive a payout of up to £50m if he drives a 180% growth in the company's value over the next five years.

In January, Boohoo announced that it had grown revenues by 44% in the last four months of 2018, to £328.2m. Its full results for the year will be announced on April 24th.

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