Boohoo reinstates Iain McDonald as chairman amid boardroom shake-up

From the Newshound archive · first published 19 September 2026.

Iain McDonald has been reinstated as non-executive chairman of Debenhams Group (formerly Boohoo) with immediate effect, seven months after stepping down to allow his fund to participate in a £35 million equity raise. His return follows a boardroom battle won by Sports Direct billionaire Mike Ashley, with outgoing chairman Tim Morris departing immediately after serving since 2021. McDonald and his Belerion Capital fund hold 17.8 million shares — making them a top-10 shareholder — giving the new chair significant personal skin in the game.

Debenhams says its turnaround is complete, with adjusted EBITDA rising 14% and shares up 85% over the past year.

McDonald declared it 'a great honour' to return, saying he 'believes in the potential of the business' after backing it with around $5 million.

Two independent non-executive directors, Michael Stewart and Stephen Rothwell, join the board to bolster capital markets and AI-technology expertise.