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THG names Sue Farr as senior independent director amid takeover talks

24th Apr 2023 08:53

(Alliance News) - THG PLC, which trades as The Hut Group, on Monday named Sue Farr as its new senior independent director, amid takeover talks.

Shares in the e-commerce retailer were up 5.8% to 94.36 pence each in London on Monday morning. Over the last twelve months, the stock has more than doubled in value from 46.77p.

Dean Moore, who has been undertaking the role of senior independent director on an interim basis, will remain as interim chair of the audit committee.

"Sue is a highly experienced FTSE 100, 250, Small Cap and AIM board member. Following a successful career in media, advertising and marketing, she has spent 16 years in various non-executive director roles," THG said.

Farr is currently a senior independent director of British American Tobacco PLC; interim senior independent director and chair of the remuneration committee at Lookers PLC; non-executive and chair of the remuneration committee at Helical PLC, and non-executive at Accsys Technologies PLC.

Farr plans to step down from her role at Accsys at the forthcoming annual general meeting, having served for nine years.

During the past five years she has also held non-executive directorships at Dairy Crest PLC and Millennium & Copthorne Hotels PLC.

Independent Chair Charles Allen said: "I am delighted that we have been able to attract someone of the calibre of Sue Farr, who has had an impressive executive career across a number of consumer, media and marketing businesses, and has since gone on to demonstrate her skills as an experienced senior independent director and committee chair.

"Building on the progress made over the last 12 months, this appointment is consistent with the Board's stated intention to continue to improve corporate governance and enhance its composition by improving independence and diversity."

THG has made headlines in the past week, amid takeover talks.

On Monday last week, THG said it had received a buyout proposal from US private equity firm Apollo. THG noted that it is "a highly preliminary and non-binding indicative proposal", but did not disclose the terms of the proposal.

Apollo now is required to announce its intention to make an offer or walk away by May 15.

THG did not provide an update on takeover talks on Monday.

By Sophie Rose, Alliance News reporter

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