Asos’ exiting CEO buys up fresh shares as confidence in business falls

Nick Beighton, who leaves the business after 12 years, has purchased 2,000 shares in the fashion and beauty giant

Asos’ former CEO has picked up a fresh band of shares in the business he is exiting after 12 years.

Nick Beighton, who served at the fashion and beauty seller’s helm for six years, invested in 2,020 ordinary shares at £24.62 per share on 11 October, the same day as he announced his exit.

Meanwhile, his former colleague, and the business’ Non-Executive Director, Ian Dyson, also bought up 4,500 shares the following day for £23.16 each.

The flurry to purchase shares comes after Asos announced a third of its executive team would be leaving this month.

Along with Beighton, Asos’ chair, Adam Cozier, announced his exit to become BT’s boss, and will be replaced by Dyson.

The mass reshuffle, which will also see Katy Mecklenburgh, currently Director of Group Finance, become interim Chief Financial Officer, while Mat Dunn takes the reins of the business during the hunt for a new CEO, has triggered a decline in Asos’ shares.

On Monday, according to the Financial Times, Asos’ group shares fell almost 16% in London, UK, and have continued to be volatile ever since.

Asos is also facing supply chain issues, which are expected to impact the group’s profits next year.

The group is preparing for profits to fall between £110m and £140m, due to prices of freight and labour costs at record highs.

Brexit is also expected to affect its books due to new tariffs.

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