THG appoints former BBC marketing boss as a director

Takeover target THG has appointed Sue Farr as a senior independent director of the e-commerce retailer.

Farr holds multiple non-executive directorships across a host of prominent London-listed businesses, such as British American Tobacco and Unlimited Marketing Group.

She is also the chair of the remuneration committee at motor dealership Lookers, property developer Helical and Accsys Technologies, where she plans to stand down following its annual general meeting in August.

Appointment: THG has announced Sue Farr, the BBC’s first ever director of marketing and communications, has become a senior independent director 

Prior to these roles, Farr was on the board at fashion retailer New Look, Cathedral City owner Dairy Crest, and Millennium & Copthorne Hotels.

Farr has a long career in the advertising and marketing sectors, including stints at Thames Television, ad agency DCRS, and seven years as the BBC’s first director of marketing and communications.

After that, she worked at Chime Communications, initially as director of strategic and business development from 2003 until 2015, before spending another five years as a senior adviser.

Lord Allen of Kensington, THG’s chairman, said Farr ‘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’.

He added: ‘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.’

Farr’s arrival at THG comes a week after it revealed that private equity house Apollo Global Management was interested in acquiring the online retailer.

The company has seen its share price slump by over 80 per cent since listing on the London Stock Exchange in September 2020, amid slowing online sales, corporate governance concerns and targeting by short sellers.

On Monday morning, THG shares were 9.9 per cent higher at 98p. 

Last Tuesday, it revealed losses almost quadrupled to £540million in 2022 after incurring significant impairment charges within its beauty and technology arms.

Co-founder and chief executive Matt Moulding has made no secret of his regret for the firm’s listing, saying earlier this month: ‘It’s certainly not an experience I’d recommend to anyone.’

As well as THG, Apollo is also trying to buy John Wood Group, recently upping its offer for the oilfield services provider to £1.7billion after four previous proposals were turned down.

The perceived undervaluation of London-listed shares has made them a ripe target for acquisition by private investors sitting on large cash reserves.

Just last Friday, Brookfield Asset Management made a £2.1billion bid for payments processor Network International, while Sureserve, a social housing energy services provider, accepted a £214.1million offer from Cap10 Partners.

Veterinary products maker Dechra Pharmaceuticals and property fund Industrial REIT have also been the subject of takeover interest.

Among the high-profile businesses to have fallen into overseas ownership in the past 12 months include aerospace components maker Meggitt, fashion brand Ted Baker and Aveva, which was bought by French conglomerate Schneider Electric.

This post first appeared on Dailymail.co.uk