Reports have emerged of an impending boardroom overhaul at The Hut Group, which will see longtime chairman Richard Pennycook step down in the new year.
According to Sky News, the online beauty retailer is poised to replace Pennycook, the former Co-op Group chief executive who has been chairman for six years, with The Hut Group’s founder and chief executive Matthew Moulding.
Moulding is reportedly set to take on the role of executive chairman next year, and is likely to carry those duties in conjunction with being chief executive.
Elsewhere, The Hut Group’s beauty chief Rachel Horsefield is set to join the board as an executive director.
After advising the retailer for the last four years, Zillah Byng-Thorne, the chief of media group Future, will also become a board member and chair of The Hut Group’s audit committee.
Meanwhile, veteran private equity executive Dominic Murphy is slated to become the beauty group’s senior independent director.
The Hut Group has not yet provided a comment on the boardroom changes.
The news caps off a turbulent year for the firm, in which it splashed out £164 million in strategic acquisitions and other investments for expansion.
Based in Manchester, The Hut Group is the owner of online retailers Lookfantastic.com, Espa, RY, Glossbox and Illamasqua.