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THG PLC has announced that its independent non-executive director, Dominic Murphy, will step down from the board with immediate effect, after eight years with the company.
The board and the nomination committee are now searching for “suitable” additional independent non-executive directors to replace Murphy and to further strengthen the board.
Murphy has been a non-executive director of THG since 2014, and he also currently serves on the board of directors of Walgreens Boots Alliance, where he is also a member of the Finance Committee.
Additionally, Murphy is a managing partner and co-head of UK Investments at CVC Capital Partners, having joined in 2019. Prior to this, he was the founding partner and chief executive officer (CEO) of 8c Capital.
Formerly a partner at KKR, he was also a member of the firm’s European Investment and Portfolio Management committees.
The announcement comes after a £2bn takeover bid from two investment companies, Belerion Capital Group Limited and King Street Capital Management L.P., was rejected on 19 May 2022 as it “significantly undervalued” the company.
Meanwhile, THG is in the stages of considering a possible offer from property tycoon Nick Candy, owner of venture capital firm Candy Ventures.
Murphy said: “It has been nearly eight years since I joined the board of THG, during which time I have had the privilege to witness the group’s journey through a period of profound transformational growth. Considering the length of my tenure, I feel that now is the right time to step down as an independent non-executive director of THG.
“I would like to thank THG for allowing me to serve on its board for this period. It has been a remarkable journey and the group has grown to be a genuine market leader in its chosen markets. I wish THG and the board all the best for the future.”
Matthew Moulding, CEO, added: “Dominic has brought a wealth of experience to the board and I would like to sincerely thank him for his invaluable contribution to THG over its transformational journey during his tenure. We wish Dominic the very best for the future.”
