Struggling e-commerce firm Hut Group shakes up its board in a bid to revive its fortunes
THG has revamped its best team in a bid to revive its fortunes.
The struggling e-commerce company – formerly The Hut Group – said board member Damian Sanders, a former audit partner at Deloitte, would take over as chief financial officer.
Chief Financial Officer John Gallemore will become Chief Operating Officer.
Shake-up: THG, led by Matthew Molding (pictured), says board member Damian Sanders, a former audit partner at Deloitte, will take over as chief financial officer
Gallemore co-founded owner Lookfantastic and MyProtein in 2004 with chief executive Matthew Molding (pictured) and helped navigate the company’s successful stock market listing in 2021.
Once a stock market darling, THG has lost 93% of its share price since the float.
He warned last week that full-year profit would be hit by slower sales growth, high raw material costs – especially for whey protein – and the timing of contracts.
Danni Hewson, financial analyst at AJ Bell, said THG’s management “seemed to be too dispersed and lacked the kind of focus needed to really turn around the company’s fortunes.”
THG chairman and former ITV boss Lord Allen said Gallemore had ‘effectively held two jobs to date’ but would now be able to ‘devote close attention to the conduct of the group’s operations where his experience is invaluable”.