// Private equity tycoon Dominic Murphy has stepped down as non-executive director of THG
// Murphy departs as THG finds itself the target of takeover attempts with two parties set with a deadline to make formal bids by next week
Former Boots supremo Dominic Murphy has stepped down as non-executive of THG with immediate effect.
Murphy is a titan of the private equity world and helped mastermind KKR’s £12billion takeover of Boots in 2007.
He has been on the board of THG, formerly known as The Hut Group, for almost eight years.
Murphy is also co-head of UK investments at private equity giant CVC, which was in the running to buy Boots from Walmart earlier this year before it pulled out of the race. He leaves as THG finds itself the target of takeover attempts.
However, both bids have been rejected by THG for undervaluing the company and its future prospects.
READ MORE: THG boss Moulding would accept £3bn offer
Both the Belerion consortium and Candy have until next week to make a formal bid or walk away from THG.
Murphy said: “It has been nearly 8 years since I joined the Board of THG, during which time I have had the privilege to witness the group’s journey through a period of profound transformational growth.
“I would like to thank THG for allowing me to serve on its board for this period. It has been a remarkable journey and the group has grown to be a genuine market leader in its chosen markets.”
THG chief executive Matt Moulding said: “Dominic has brought a wealth of experience to the board and I would like to sincerely thank him for his invaluable contribution to THG over its transformational journey during his tenure.”
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