THG founder Matthew Moulding has given up his 'golden share' rights which granted him the power to veto hostile takeover approaches.
It had originally been announced in April that Mr Moulding, who is the Manchester-headquartered company's chief executive, would give up the 'special share' in September.
The move is part of THG's plans to join the ranks of the FTSE 250.
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In an update to the London Stock Exchange ahead of THG's annual general meeting later today (June 21), the business said it has had a strong second quarter, with a "continued successful focus" on profitability and cash generation.
It added that a "significant increase" in half-year profits is expected, with adjusted EBITDA in the range of £44m to £47m, up from £32.3m. THG said that its full-year guidance remains unchanged.
THG said: "THG Nutrition has had a particularly strong start to the year, with the pricing decision to support consumers through exceptional market-wide inflationary conditions in FY 2022 now paying dividends. Commodity prices continue to ease, with further margin benefits expected in H2 2023.
"In THG Beauty, our online retail platforms have focussed on profitable sales in markets where our localised infrastructure can deliver economies of scale.
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"We expect further sales momentum in the second half of the year, supported by beauty manufacturing as the temporary industry-wide de-stocking comes to an end.
"THG Ingenuity continues to make good progress on building its client base across higher value enterprise accounts and its network of global strategic alliances and remains on track to add £1bn incremental GMV to the platform across technology, digital and operational services during FY 2023.
"In addition to partnerships with BigCommerce, AutoStore, PwC and Elastic Path announced to date, Ingenuity has recently partnered with Commercehub, one of the world's largest commerce networks, to extend Ingenuity's marketplace solution and create a complementary, managed marketplace offering.
"For the group, adjusted EBITDA margin accretion into FY 2024 and beyond will be driven by annualised commodity pricing benefits, ongoing automation efficiencies and operating leverage, in addition to normalised capital expenditure, underpinning positive free cash flow guidance for FY 2024."
THG has also announced that Helen Jones has been appointed as an independent non-executive director with immediate effect.
She currently serves as the chair of the remuneration committee at Premier Foods, Virgin Wines and Fuller, Smith and Turner.
She is a member of the audit committee at both Virgin Winesand Fuller, Smith and Turner, also serving as a member of the nominations committee. Additionally, she acts as the workforce engagement non-3xecutive director for both Premier Foods and Fuller, Smith and Turner.
Separately today, Iain McDonald has informed the board of his decision to step down from the remuneration committee to focus on his other THG commitments, primarily as chair of the sustainability committee and member of the nomination committee.