Online retailer Asos's CEO Nick Beighton steps down

[LONDON] Asos, the British online fashion retailer, said on Monday that chief executive Nick Beighton is to step down with immediate effect after 12 years with the business and 6 as the boss.

The group, which wants to accelerate international growth, said a search had started for a successor, with finance chief Mat Dunn taking on the additional role of chief operating officer and leading the business on a day-to-day basis.

Asos said Katy Mecklenburgh, currently director of group finance, will become interim chief financial officer.

Beighton will remain available to the board until the end of 2021 to help with the handover.

The group, whose shares have fallen 42 per cent so far this year, also said that Ian Dyson, Asos's senior independent director non-executive director, will become chairman on Nov 29, succeeding Adam Crozier, who is becoming chairman of BT.

"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 Crozier.

"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."

The company also reported a 36 per cent rise in full-year profit on Monday after seeing "exceptional" demand in its home market, but added that supply chain pressures and higher costs would weigh on its 2022 outcome.

REUTERS