Nick Beighton, CEO, Asos has quit the British online fashion retailer as it faces a 40 per cent profit decline in 2022 on account of supply chain pressures and consumers returning to pre-pandemic behavior. Beighton spent 12 years, at Asos including six as CEO. His departure would enable the company find new leadership to accelerate international growth and deliver £7 billion($9.5 billion) annual revenue within four years.
Mat Dunn, Chief Finance Officer will lead the business on a day-to-day basis till a new CEO is sought. Katy Mecklenburgh, Director-Finance, will become interim Chief Financial Officer. Ian Dyson, Senior Independent Non-Executive Director, will be promoted as the company’s chairman on November 29, 2021.
Asos reported a 36 per cent rise in year to August 31 adjusted pretax profit to £193.6 million, driven by a £67.3 million boost from the pandemic when shoppers bought leisurewear, rather that partywear options for a night out, some of which were then returned. The company’s revenue rose by 22 per cent to £3.91 billion as its active customer base increased by 13 per cent to 26.4 million.
