THG announces board change
THG has announced that Iain McDonald is to step down as a non-executive director at the end of March, shortly after his fourteenth anniversary as a director of the business.
In a statement, the health and beauty retail group said McDonald had overseen major growth for the company in the categories of beauty, nutrition and technology.
Matthew Moulding, THG chief executive, said: “Iain has made a remarkable impact on THG during his time on the board. There’s no doubt whatsoever that THG would not be in such a strong position as it is today had Iain not joined us 14 years ago.
“Under his guidance, THG has grown revenues and adjusted EBITDA 20-fold and 50-fold respectively, while migrating away from retailing CDs/DVDs and evolving into a global leader in beauty, nutrition and technology.
“As a material long-term investor in THG, we look forward to continuing to work closely with Iain in the future.”
Following McDonald’s departure, THG’s board will be comprised of three executive directors and six non-executive directors, five of whom (including the chair) are deemed to be independent.
