Manchester-based consumer brands giant THG plc announced that advertising and marketing veteran Sue Farr has been appointed senior independent director of THG with immediate effect.
“Sue is a highly experienced FTSE 100, 250, small cap and AIM board member,” said THG.
“Following a successful career in media, advertising and marketing, she has spent 16 years in various non-executive director roles.
“Her current non-executive directorships include senior independent director at British American Tobacco plc, interim senior independent director and chair of the remuneration committee at Lookers plc, non-exec and chair of the remuneration committee at Helical plc and non-exec at Accsys Technologies plc (where she also formerly served as chair of the remuneration committee).
“Sue plans to step down from her role at Accsys at the forthcoming AGM having served for nine years.
“During the past five years she has also held non-executive directorships at Dairy Crest plc and Millennium & Copthorne Hotels plc.”
THG confirmed earlier this month it received “a highly preliminary and non-binding indicative proposal” from New York-based private equity firm Apollo Global Management to buy THG.
THG went public at £5 a share in September 2020 and the stock rose to around £8.
However, THG shares have since fallen almost 90% to around 96p — slashing the firm’s stock market value to roughly £1.2 billion — following a disastrous presentation to investors and concerns over the company’s structure, transparency and governance.
THG chair Charles Allen said: “I am delighted that we have been able to attract someone of the calibre of Sue Farr, who has had an impressive executive career across a number of consumer, media and marketing businesses, and has since gone on to demonstrate her skills as an experienced senior independent director and committee chair.
“Building on the progress made over the last 12 months, this appointment is consistent with the board’s stated intention to continue to improve corporate governance and enhance its composition by improving independence and diversity.
“The board and I look forward to working with Sue and benefiting from her knowledge, skills and experience.”
Farr said: “I am pleased to be joining THG at such an exciting time for the group as it continues to grow and to scale globally.
“THG is a business I have long admired and I look forward to working with Charles and the rest of the board on this next stage in the group’s journey.”