A private equity tycoon has stepped down from the board of THG with immediate effect.
Dominic Murphy has left the non-executive director position he has held since 2014.
Mr Murphy is the chief executive and founder of 8C Capital and is also a director of Walgreens Boots Alliance.
READ MORE: THG board 'unanimously rejects' £2bn bid as property tycoon Nick Candy mulls £1.4bn offer
He led the £12bn takeover of Boots in 2007 when he was a partner at KKR and also was reported to have made £50m when THG floated in 2020.
Mr Murphy said: "It has been nearly eight years since I joined the board of THG, during which time I have had the privilege to witness the group's journey through a period of profound transformational growth.
"Considering the length of my tenure, I feel that now is the right time to step down as an independent non-executive director of THG.
"I would like to thank THG for allowing me to serve on its Board for this period. It has been a remarkable journey and the group has grown to be a genuine market leader in its chosen markets. I wish THG and the Board all the best for the future."
Chief executive Matthew Moulding added: "Dominic has brought a wealth of experience to the board and I would like to sincerely thank him for his invaluable contribution to THG over its transformational journey during his tenure. We wish Dominic the very best for the future."
The announcement comes after a £2.07bn takeover bid from two investment companies was rejected by THG as a offer emerged from a venture capital firm controlled by property tycoon Nick Candy.
The Manchester-headquartered group confirmed last month that it had received an unsolicited offer of 170p per share from Belerion Capital and King Street Capital Management.
At the time, THG said the "significantly undervalued the company and its future prospects" and was "unanimously rejected".
Under the London Stock Exchange's rules, Belerion Capital and King Street Capital Management must state by June 16 whether an offer will be made or not.
Belerion’s co-founder and chief investment officer Iain McDonald is a non-executive director of THG.
In a separate move, it was revealed that property tycoon Nick Candy is weighing up making an offer to buy THG in a deal worth £1.4bn.
Mr Candy also has until June 16 to make a formal bid or walk away.
