We, the undersigned, respectfully call for Matthew Moulding to resign from his role as CEO of THG plc (The Hut Group). While acknowledging his initial contributions to the company's growth, recent persistent challenges demonstrate a clear need for new leadership to restore investor confidence, stabilise operations, and ensure long-term success.

Declining Financial Performance
THG has reported a troubling decline in financial performance, with annual revenues decreasing by 2.5% to £1.7 billion in the latest fiscal year. The nutrition segment, particularly the flagship brand Myprotein, suffered an 11.9% decline primarily due to rising operational costs, including escalating whey prices and inefficiencies within the supply chain. These factors have severely impacted profitability and operational effectiveness.

Market Valuation and Share Price Concerns
Since its IPO in 2020, THG’s market valuation has dramatically decreased from approximately £5.4 billion to current levels near historic lows. Despite the recent inclusion in the FTSE 250 index, the company's share price remains stagnant, highlighting ongoing investor concerns about strategic clarity, management effectiveness, and the company's long-term viability under current leadership.

Governance and Financial Transparency Issues
Matthew Moulding’s dual role as CEO and primary landlord—resulting in approximately £19 million annually paid in rent by THG to properties he personally owns—has raised significant governance concerns. This arrangement creates a direct conflict of interest, undermining best practices in corporate governance and transparency, thus eroding investor trust and raising ethical concerns regarding leadership accountability.

Leadership and Investor Relations
Moulding’s approach to communication has further exacerbated these issues, frequently perceived by investors as dismissive and disrespectful. Notably, his disparaging public comments about activist investors have damaged key stakeholder relationships, harming both investor confidence and THG's corporate reputation. Effective leadership demands consistent, transparent, and respectful engagement with stakeholders, qualities often lacking under his leadership.

Strategic Missteps and Operational Uncertainty
The recent demerger of Ingenuity, THG's technology and e-commerce services platform, was meant to streamline operations and clarify strategic direction. However, it has yet to produce significant improvements in either company performance or share price stability. Instead, the demerger has introduced additional complexity and uncertainty, exacerbating investor anxiety about future strategy, operational alignment, and resource allocation.

Conclusion
Given these multifaceted issues, it is clear THG urgently requires leadership capable of restoring investor trust, defining a coherent strategic vision, and addressing operational and governance challenges decisively. We therefore respectfully urge Matthew Moulding to step down as CEO, paving the way for essential change to secure THG’s sustainable future growth and profitability.