Boohoo’s biggest shareholder Jupiter rejects calls to oust CEO

Boohoo’s biggest third-party shareholder Jupiter Asset Management has rejected calls from MP Liz Kendall to oust the Boohoo CEO and its leadership team over the Leicester factory scandal.

Juptier, who owns around 10 percent of Boohoo has said it is reassured by the measures now taken by Boohoo according to the FT.

These measures included publishing a list of suppliers adding new board members to support sustainability in the business.

According to one person who has knowledge of the conversation between Jupiter and Boohoo, this is what Jupiter wanted and Boohoo didn’t push back.

The report also claims that Jupiter indicated to Boohoo to make the review into its supply chain public even though it was unsavoury in places. This was done to ensure that Boohoo shown transparency and started to rebuild trust again.

Following news that PwC was to walk as its auditor of Boohoo, shares in the company have rebound by around 20 percent in the past few days, currently trading at 276p.

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