Mike Ashley has been unsuccessful in his attempt to secure a board position at fast-fashion behemoth Boohoo, where his Frasers Group is the largest shareholder.
Over 63 per cent of votes were cast against the billionaire's appointment at a general meeting held in Manchester, as reported by .
A similar number of votes were also cast against Michael Lennon taking up a board seat. Following the meeting, Boohoo's new CEO, Dan Finley, stated: "Our group is a dynamic business, with great brands and extremely talented people, underpinned by best-in-class infrastructure."
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He added, "Since my appointment, I have hit the ground running, taking immediate and decisive actions to maximise and unlock value for all shareholders."
Finley expressed his enthusiasm for the future, saying, "I am super energised to realise the significant opportunities I see for this business. I continue to believe this group is materially undervalued. Our most important work is ahead of us, and we will drive value for all shareholders."
Chairman Tim Morris thanked shareholders for their support, stating, "We remain focused on delivery of our business review with the objection of unlocking and maximising value for all shareholders."
Neither Mike Ashley, Michael Lennon nor Frasers Group have yet responded to the voting results.
The retail empire and its billionaire majority shareholder have been embroiled in a public dispute in recent months, which also involved the selection of Boohoo's new CEO following John Lyttle's departure.
Frasers Group, the conglomerate that encompasses brands such as House of Fraser and Sports Direct, holds the position of being the largest individual shareholder in Manchester-based Boohoo, owning a 25 per cent stake.