The hunt has begun for Nick Beighton’s successor, Chief Financial Officer Mat Dunn takes over reins for interim
Asos’ boss Nick Beighton has stepped down from his role as CEO, after 12 years with the beauty and fast-fashion retailer.
Part of Asos for more than a decade, Beighton served as CEO for six years, following a short stint as the company’s Chief Operating Officer and Chief Financial Officer.
During his time as CEO, Matalan’s former Head of Finance oversaw Asos’ first acquisition; the online giant scooped up rock bottom prices for Sir Philip Green’s bust Arcadia business at the end of 2020.
Asos came away with the crown jewels of the British high street when it bought Topshop, Topman, Miss Selfridge and HIIT, in a deal worth £295m.
Boohoo, Asos’ retail rival also benefited from Arcadia’s demise, and took over its Burton, Wallis and Dorothy Perkins brands for £25.5m when the business fell into administration.
Asos said in a statement this morning that the hunt for a successor has begun.
However, in the interim, Asos’ Chief Financial officer Mat Dunn will take on the additional role of Chief Operating Officer and lead the business day-to-day, expected to take place with immediate effect.
Katy Mecklenburgh, meanwhile, currently Director of Group Finance, will become interim Chief Financial Officer.
Beighton, who is also a member of the Board, will remain in his top table position until the end of 2021, ‘to ensure a smooth handover’, said the group.
“I have enjoyed every moment of my 12 years at Asos,” said Beighton.
“When I joined, there were fewer than 200 people and we had annual sales of around £220m.
“I leave a business reporting turnover of almost £4bn, with more than 3,000 fantastic Asos-ers delivering for 26 million customers in 200 markets around the world.”
In its financial results for the year ended 21 August, published today, the online seller, which counts Huda Beauty, Morphe and Olaplex among its beauty offering, reported 36% sales growth in the UK market and saw its active customer base increase 13%.
Asos’ Face and Body business almost doubled its earnings (49%) – now worth £150m to the business – and it has landed a deal with Nordstrom to be sold in-store and online in the first half of 2022.
Meanwhile, Beighton added: “I am particularly proud of the way in which we have led our industry on putting sustainability at the heart of everything we do with our fashion with integrity programme.
“I wish Mat and the rest of the team well for the next phase of the Asos journey.”
The reason for Beighton’s exit has not been disclosed.
Ian Dyson, Asos’ Non-Executive Chair, who takes over from Adam Cozier, added: “Asos is a great business with a strong brand and a talented team and I am proud to be taking over as Chair.
“My key priorities will be recruiting a new CEO to take the business forward, at the same time working with Mat Dunn and the rest of the executive team to deliver our compelling strategic plan.
“I am pleased to welcome Jørgen Lindemann to the team, he brings deep experience of international digitally-led business, which will complement the existing Board expertise.”
Lindemann joins the Board as Non-Executive Director.