The Hut Group chairman to exit amid board shake-up

By

Barbara Santamaria

Published
Nov 19, 2018

The Hut Group founder and CEO Matthew Moulding is set to become chairman of the Manchester-based business, replacing Richard Pennycook, who is leaving after six years, it has emerged.

The group, which has become one of the UK’s most valuable private companies after spending hundreds of millions of pounds on acquisitions, will announce the appointment on Tuesday, according to Sky News.

It is part of several changes in a board shake-up that will also see the company’s beauty chief Rachel Horsefield join the board as an executive director. Zillah Byng-Thorne, CEO of global multi-platform media company Future, will also join the board and chair the audit committee.   

Ads

Last year, the Hut Group sold a £125m stake to Old Mutual Global Investors, an asset management firm, in a deal that valued it at £2.5bn. Since then, it has reportedly rejected numerous takeover bids valuing it at almost £4bn.

Its portfolio has grown considerably over the last years, and now including leading beauty brands and online retailers including Lookfantastic.com, Glossybox, Mio Skincare and Grow Gorgeous.

The group has been also surrounded by IPO rumours over the last two years, however Moulding’s promotion to chairman could put a damper on the speculation given public market investor’s preference for independent CEO and chairman roles.

The Hut Group’s latest acquisition was British beauty manufacturer Acheson & Acheson in September.