Boohoo Group Plc appointed Debenhams boss Dan Finley as its new chief executive officer, rejecting billionaire Mike Ashley’s bid to lead the retailer.

The shares advanced after the British fast fashion company said on Friday that Finley will replace John Lyttle as CEO with immediate effect. Finley became CEO of Debenhams in January 2022 after more than a decade heading JD Sports.

Shares in Boohoo rose as much as 6.7 percent in London. The stock has lost 28 percent in the first 10 months of this year.

Finley’s appointment stymies an attempt last week by Ashley, who founded Frasers Group Plc, to appoint himself as a director and CEO of Boohoo. Frasers accused Boohoo’s board of presiding over an “abysmal” trading performance.

At the time, Boohoo said the process to replace Lyttle was already underway. It said that Frasers has a similar stake in its rival Asos Plc, which could raise governance concerns.

Frasers, the parent of Sports Direct, is Boohoo’s largest shareholder and currently owns 27 percent of its stock, according to data compiled by Bloomberg.

Boohoo, which owns the Debenhams, Karen Millen and PrettyLittleThing brands, announced last month that it’s undertaking a strategic review — a move that could potentially lead to the breakup of the company.

“We are undertaking a process to consider all options, look at each business unit and see what the best way forward is,” Finley told Bloomberg News in a call.

Boohoo bought Debenhams for £55 million in 2021, succeeding against Frasers, which had long sought to acquire the department store chain. Debenhams achieved a gross merchandise value annual run rate of £800 million under Finley, the group said Friday.

By Jennifer Creery

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