Boohoo Group awards shares to 4,900 employees including CEO and CFO
Boohoo Group has announced that a total of 15,441,664 Ordinary Shares, at the cost of 1 pence each, have been awarded to employees including its CEO John Lyttle and CFO Neil Catto.
The company granted the shares to 4,924 eligible employees that had applied to its 2021 Share Incentive Plan. Each of these employees have been granted 3,136 free Ordinary Shares, representing an approximately value of £3,600 at the purchase price of one pence per share.
As a result of the share reshuffle Neil Catto now owns 29,735 shares personally, while John Lyttle owns 188,172.
The shares were awarded on 12 January and are subject to a 3 year forfeiture period.
Boohoo Group said in a statement that the initiative was part of its "commitment to encouraging all employees to be shareholders in the business".
As at 31 August 2021 the company had 19 million active customers across all of its brands globally, which include Karen Millen, Warehouse, Oasis and Coast, and also the intellectual property assets of department store giant Debenhams.
In December 2021, the company warned investors about sales and earnings, after being hit by supply chain disruption, surging costs and customers returning more garments.