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The company’s valuation has sunk from around £6.5bn in September 2020 to £813m currently.
The slide has coincided with a wider downturn for tech stocks in 2022 and came as losses mounted at THG.
Analysts have also raised concerns about governance at the company, which Mr Moulding has sought to address through a series of concessions including giving up a “golden share” in the business.
Mr Moulding has claimed bankers, analysts and hedge funds are conspiring against his company and said the experience of being a public company in London is “unpleasant”.
He has signalled that he would be willing to take the company private and last month argued THG would be worth “billions more away from the daily market manipulation”.
The upcoming annual general meeting comes weeks after THG turned down a takeover bid from private equity firm Apollo. Mr Moulding accused Apollo of trying to capitalise on the online retailer’s “wildly low share price”.
A spokesman for THG said of the Glass Lewis recommendations: “Charles Allen joined the board as independent non-executive chair in March 2022 with a clear mandate to improve governance, transparency and to strengthen and refresh the board by improving its independence and diversity.
“Since then, the board has appointed three new independent NEDs in Gillian Kent, Dean Moore and Sue Farr, as senior independent non-executive, and with a commitment for further appointments in line with good corporate governance.”
Mr Sanders took over as chief financial officer from Mr Gallemore earlier this year, with Mr Gallemore moving into the chief operating officer role.
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