Frasers demands appointment of founder Mike Ashley as boss of Boohoo

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sports Direct owner Frasers Group has demanded the appointment of its founder Mike Ashley as chief executive of Boohoo as it warns over a mounting “crisis” at the struggling online fashion firm. The firm said Mr Ashley could take on the role at Boohoo, replacing chief executive John Lyttle “without delay”, while it also wants restructuring expert Mike Lennon to join the board. In an open letter to Boohoo’s board, Frasers cautioned over what it claimed was a “leadership crisis” at the retailer after Mr Lyttle announced he was stepping down last week. “It is critical for Boohoo’s future success that shareholders urgently be given the opportunity to appoint to the board experienced individuals capable of delivering the necessary changes to deliver long-term value for all shareholders.” Katie Cousins, equity analyst at Shore Capital, said Mr Ashley’s move to try and put himself at the helm was an “explosive development”.