Super Retail Group, the owner of popular retail chains such as Rebel Sport, BCF, and Supercheap Auto, has dismissed its chief executive and managing director, Anthony Heraghty. The decision follows a review of disclosures related to an alleged romantic relationship between Heraghty and the company’s former human resources chief, Jane Kelly. Super Retail Group is a leading Australian retailer that provides customers with products for their leisure and automotive needs. The company operates across Australia, New Zealand, and Asia.
The listed retailer informed investors that the decision was based on “new information” provided by Heraghty, which led the board to conclude that his prior disclosures were unsatisfactory. In a statement, the company said, “In light of this new information, the board has concluded Heraghty’s prior disclosures were not satisfactory. The board will carefully consider the implications this may have for the company and any related matters.”
As a result of the dismissal, the board has also terminated Heraghty’s financial ties to the business. This includes the lapsing of all unvested incentives and vested but unexercised rights. The board exercised its discretion in making this decision.
David Burns, the current chief financial officer, has been appointed as the interim chief executive officer while the board commences a formal search for Heraghty’s permanent replacement. The company has not provided a timeline for the completion of this search.
