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The Hut Group announces boardroom reshuffle

THG

The Hut Group has announced a boardroom reshuffle in a move that will see its chairman leave the Manchester-based online beauty retailer.

Founder and chief executive Matthew Moulding will become executive chairman at the end of the year with Richard Pennycook, the former Co-op Group chief executive who has been on the fast-growing company’s board for six years, stepping down.

Initially signed to serve a three-year term, Pennycook’s time on the board was rolled into a second term at an overall agreement of a maximum of six years.

The company’s CEO of its beauty division, Rachel Horsefield, will join its board as an executive director.

pennycock
Richard Pennycook departs as chairman


And Zillah Byng-Thorne, the chief executive of media group Future, will also become a board member and chair of its audit committee, having advised the company for the last four years.

The Hut Group was established by Moulding and John Gallemore in 2004 and has grown to more than 4,000 staff, and in May it revealed group sales of £736million and gross profits of £318m.

Over the last year it has spent hundreds of millions of pounds on acquisitions of beauty businesses such as Acheson & Acheson and technology companies including Language Connect.

It has also agreed a deal to develop 1 million sq. ft. of office and studio space at two sites near Manchester Airport, the largest development by a company in the North West.

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