THG appoints Senior Independent Director as it explores Apollo bid - Indoors Beauty

THG appoints Senior Independent Director as it explores Apollo bid

THG appoints Senior Independent Director as it explores Apollo bid

THG, the proprietor of Lookfantastic and Cult Beauty, has appointed Sue Farr as Senior Independent Director.

Following a profession in media, promoting and advertising, Farr has spent 16 years in varied Non-Executive Director roles.

She at the moment serves as Senior Independent Director at British American Tobacco, Interim Senior Independent Director and Chair of the Remuneration Committee at Lookers, Non-Executive and Chair of the Remuneration Committee at Helical, and Non-Exec at Accsys Technologies.

During the previous 5 years, Farr has additionally held non-executive directorships at Dairy Crest and Millennium & Copthorne Hotels.

THG stated the appointment of Farr as Senior Independent Director is in line with the group’s plans to “enhance company governance and improve its composition by bettering independence and variety”.

Charles Allen, Independent Chair at THG, stated: “I’m delighted that we’ve been capable of appeal to somebody of the calibre of Sue Farr, who has had a powerful govt profession throughout various shopper, media and advertising companies, and has since gone on to show her abilities as an skilled Senior Independent Director and committee Chair.”

The appointment follows THG’s preliminary takeover proposal from Apollo Global Management. The group stated it had acquired a “extremely preliminary and non-binding indicative proposal” to accumulate the entire enterprise. However, it didn’t disclose the phrases or valuation of the proposal.

“There might be no certainty that any agency provide will likely be made,” the group added. Apollo should announce whether or not it plans to make a agency provide or stroll away by a deadline of 15 May, according to takeover laws.

Last week, THG additionally reported an working lack of £495.6 million for the 12 months ending 31 December 2022. Total revenues elevated 2.7% to £2.2 billion, with the group’s magnificence gross sales up 4.5%.

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