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LEICESTER – Labour MP for Leicester West, Liz Kendall, has today written to the chairman of Boohoo major shareholder Jupiter Asset Management, urging that the Manchester brand’s chairman and CEO are replaced for their failings to address gross negligence within the company’s supply chain.
Following Alison Levitt QC’s independent investigation into Boohoo unearthed “many failings in the Leicester supply chain”, Kendall believes Boohoo chairman Mahmud Kamani and CEO John Lyttle should be the first to face the axe.
She writes: “It would make a mockery of any claims to support responsible investing if the same executives who allowed these appalling failures to take place, despite repeated warnings over many years, were kept in place by the shareholders.”
Last week, responsible investment charity ShareAction also wrote to Boohoo shareholders – amidst findings that the brand’s shares are on the rise – applying pressure with recommendations that the company’s management should be held accountable and monitored closely to ensure those at the helm are “committed to making the necessary changes and acting like a publicly listed company”.
