Mike Ashley has demanded Boohoo co-founder Mahmud Kamani step aside as tensions grow between two of retail’s most prominent figures.
The troubled fashion group yesterday revealed that Kamani has relinquished his role as executive chairman to become executive vice-chairman.
But the move, in which Boohoo insider Tim Morris was promoted to chairman, failed to soothe Ashley’s rage.
His Frasers Group is Boohoo’s largest shareholder and has been pushing for change.
Morris said he would focus on “on delivering maximum value for, and protecting the interests of, all shareholders”.
He pointed to £39.3m in new funding as a sign he can pull off a revival.
And Kamani, who founded the retailer in Manchester in 2006, will waive his salary for a year.
He has also promised to not try to buy Boohoo or any of its assets.
But Frasers said the reshuffle made little difference. A spokesman said: “His title might have changed but his grip has not. Mr …