A high-profile capital markets figure has returned to the board of boohoo group plc seven months after stepping down – and been named its chair.
Iain McDonald personally invested £3 million in a fundraise when leaving his role as a non-executive director amicably in February 2026, having spent nine years with the firm.
Now, as the company which trades as Debenhams Group transitions from pure online retailer to a marketplace model, it has brought him back as chair.
It has also appointed Michael Stewart and Stephen Rothwell as independent non-executive directors, with immediate effect.
McDonald is an experienced figure in the markets and seen as the right man to guide the company in its next phase of growth following a turnaround. Tim Morris, the outgoing chair, is a lawyer by background and also well-regarded. The move is thought to be amicable.
Debenhams Group has more or less wiped out its debt with the disposals of its Sheffield distribution centre and Nasty Gal in the last fortnight. And yesterday we reported how all the group’s brands have returned to growth.
McDonald served on the board between June 2017 and February 2026, while Morris joined the board in May 2021.
Last year McDonald, a former director at THG, saw a bid worth £400-600m rejected by that company for its Myprotein brand.
Debenhams Group said McDonald and Stewart – a member of Chrysalis Investment Partners – add significant further experience of the investment markets alongside that already provided by John Goold, senior independent director, and their combined experience and networks are expected to support the broadening and extension of its shareholder base.
Rothwell, meanwhile, brings a wealth of technology experience as founder of Eagle Eye Solutions Group PLC, the AIM-quoted digital marketing technology business.
“It was a very difficult decision to step away from the board of Debenhams earlier this year, and it is a great honour to be asked to return in the role of chair,” said McDonald.
“I am a material investor both personally and via the funds managed by my business, Belerion Capital Group, and this is a measure of the degree to which I believe in the potential of the business.
“The progress made over the past 6-12 months is significant and there is a real feeling of momentum in the business. I look forward to supporting the management team in their efforts to restore value and to engage constructively with all shareholders.”
Dan Finley, CEO, added: “I would like to thank Tim for the significant and critical contribution that he has made to our turnaround. The business has been significantly strengthened during his tenure as chair. We wish him all the very best in his future endeavours.
“We are pleased to strengthen the board today with the appointments of Iain, Stephen and Michael. They bring significant experience in capital markets and advanced technology, which will benefit us as we continue to deliver our multi-year turnaround.”
Morris said: “It has been a privilege to chair this business through such a pivotal period. My thanks go to Dan and the executive team, to my Board colleagues, and above all to every one of our employees, whose commitment and hard work have driven the turnaround.
“I leave the group in good hands and wish Iain and the team every success in the next phase.”