The Hut Group gearing up for boardroom reshuffle

British online shopping giant The Hut Group is planning a major board reshuffle which would involve the departure of the company’s current chairman.

The beauty retailer is set for a shake-up that would see founder and chief executive Matthew Moulding replace Richard Pennycook as chairman, according to Sky News.

Pennycook, who has served as the Manchester-based firm’s chairman since 2013, is also the former chief executive executive of the Co-op Group.

Rachel Horsefield, the company’s beauty chief, is expected to join the fast-growing firm’s board as an executive director while Zillah Byng-Thorne, the boss of media group Future, is also reported to be joining as a board member and chair of its audit committee.

The news comes in the wake of a major spending spree that The Hut Group has embarked upon in recent months, purchasing skincare and beauty brands such as Espa and Illamasqua.