Boohoo, the fast-growing British online fashion retailer, has poached an executive of Primark to be its new chief executive, with a remuneration package that could pay him almost £58 million in five years.
The company said John Lyttle, currently the chief operating officer of Primark, a division of Associated British Foods, will start his new role on March 15 next year.
Lyttle will receive an annual salary of £615,000 and an annual bonus of up to 150% of his salary. He will also participate in a share plan related to the growth in Boohoo's market capitalisation over five years that is capped at £50 million.
Lyttle's appointment means Boohoo's co-founders and joint chief executives - Mahmud Kamani and Carol Kane - will see their roles change.
Kamani will become group executive chairman of the company from March 15 next year and Kane will remain on the main board in an executive role and will assume the title of group co-founder and executive director.
Boohoo said Kamani's focus will shift to the group's long-term strategy and away from the day-to-day running of the business.
Kane will concentrate on managing and developing the group's brands - boohoo, boohooman, PrettyLittleThing and Nasty Gal.
Current non-executive chairman Peter Williams will step down in March next year. A further independent non-executive director will be appointed.
Shares in Boohoo closed on Friday at 170 pence, valuing the business at £1.95 billion. (Reuters)