British online fast-fashion firm Asos has announced a shock management reshuffle, with CEO Nick Beighton stepping down after six years in the job.
According to a report in Bloomberg, chairman Adam Crozier also stepped aside, stating the business needed a “fresh pair of eyes” after the pandemic wrecked havoc with its share price and supply chain.
A search is now underway to find a replacement chief executive, though current CFO Mat Dunn will temporarily take the reigns with immediate effect.
“Asos’s management and Board have spent considerable time over recent months developing and validating a clear strategic plan to accelerate international growth, building on Asos’s undoubted strength in the UK,” said Beighton.
“Key to that is ensuring that we have the right leadership in place for the next phase, and the changes we are announcing today are designed to ensure we deliver against our clear strategic intent.”
Beighton said he felt proud of the way the business grew under his leadership, specifically that sustainability is now “at the heart of everything we do”.
The announcement came alongside Asos’ final results for FY21: with group revenue up 20 per cent to $7.22 billion and profit before tax up 25 per cent to $327.7 million during a year marred by dynamic demand patterns, supply chain constraints and changing Covid-19 restrictions.
“Looking ahead, while our performance in the next 12 months is likely to be constrained by demand volatility and global supply chain and cost pressures, we are confident in our ability to capture the sizeable opportunities ahead,” said Dunn.
“We know there is more to do and today we are setting out details of our ambitious plan to significantly increase ASOS’s sales and profitability becoming a £7bn business within three to four years.”