Michael Hapgood, one of the founding directors of Accent Group, has resigned from his position at the company while an insider trading investigation into him and the company continues.

Accent told investors on the ASX that Hapgood is leaving for “personal reasons” after 11 years in the role; he also steps away from the company as it contends with a hostile takeover from the Mike Ashley-owned Frasers Group.

Asic announced its investigation into the company and CEO Daniel Agostinelli in early May. It centres on suspected violations of the Corporations Act 2001 and the trading of securities of the company between May 23 and June 10, 2025. The active investigation has not brought forward any allegations or charges at this point. Agostinelli, Hapgood, and another unnamed “senior” employee are being probed.

“On behalf of the board, I would like to thank Michael for his significant contribution and devotion to the company over the years,” chairman Lawrence Myers said. “His experience and measured input to the board has been invaluable and will be missed.  We wish Michael all the best with his future endeavours.”

Accent reaffirmed its position on the Frasers takeover offer, imploring shareholders to take no action in relation to its offer of purchasing all remaining ordinary shares at a price of 65 cents per share.

Frasers announced the intention to take over Accent after raising “significant concerns” about its strategic direction and performance, namely under the direction of Myers.