Frasers Group’s (FRAS) controlling shareholder Mike Ashley has lost his bid to be installed as the chief executive of Boohoo (BOO).
Only 36 per cent of shareholders voted in favour of Frasers’ proposals to have Ashley and restructuring expert Mike Lennon installed onto Boohoo’s board, with 64 per cent voting against. Ashley had been campaigning to be put in charge of Boohoo following a dismal run at the fast fashion retailer, whose shares have lost more than 90 per cent of their value over the past five years.