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THG faces shareholder revolt over ‘unjustified’ salary for new CFO

The Hut Group

The Hut Group (THG) is to face a shareholder revolt at its annual general meeting (AGM) later this month over the pay increase of its new CFO Damian Sanders, despite dampening losses.

According to The Telegraph, the ecommerce giant which owns Glossybox and LookFantastic faces trouble after influential shareholder advisory firm Glass Lewis suggested that investors reject two proposals being voted on due to the pay rise of Sanders.

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This comes as Sanders will earn £500,000 a year, 11% more than his predecessor John Gallemore.

However, according to Glass Lewis, there is no “compelling justification” for the increase, which comes despite losses and declining share prices.

This comes as THG recently reported a £495.6 million loss in its full-year results, attributing the “challenging global environment”.

The online retailer claims in the year ended 31 December 2022, its performance was impacted by the non-cash impairment of £275.4 million, in addition to certain non-recurring costs which THG “continues to reduce”.

The company has also urged investors to vote against the re-election of Iain McDonald, claiming this was because he was an “affiliate or insider” on the pay committee.

Recently, the company revealed it has terminated talks with Apollo Global Management about a possible takeover, claiming the group has been “undervalued” by the US buyout giant.

According to THG, it was “no longer any merit” in having conversations with Apollo.

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