THG NED to step down after 14 years

THG has revealed that Iain McDonald has informed its board of his intention to step down as a non-executive director at the end of March 2024, shortly after his 14th anniversary as a THG director. The company said McDonald is both a “highly-valued and experienced” member of THG's board, who has overseen the group's growth and evolution into a global leader in three major categories - Beauty, Nutrition and Technology. Following his departure, the board will be comprised of three executive directors and six non-executive directors, five of whom, including the chair, are deemed to be independent. Charles Allen, Lord Allen of Kensington CBE, Independent chair, said: "On behalf of the board, I would like to thank Iain for the significant contribution he has made to the company over many years, and particularly his support in strengthening the Board, welcoming new non-executive directors and developing THG's strategy. We wish him continued success with his various ventures." Matthew Moulding, CEO, added: "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. "Iain's experience across technology, digital services and marketing is second to none, resulting in him chairing various committees during his time on the board, most recently leading THG's Sustainability strategy. As a material long-term investor in THG, we look forward to continuing to work closely with Iain in the future." Iain McDonald, non-executive director, said: "As the THG board evolves to a more conventional PLC structure, the time is right for me to step away from my current role. I intend to remain very close to THG and a committed long term investor. I could not be more proud to have played even a small role in the incredible business which Matt and his team have built and to have been so welcomed as a member of the THG family. Looking forward it is pleasing to step away at a time when the business itself couldn't be in better shape. The scale of the capability in THG is something which few appreciate."