Sep 2, 2015
ASOS confirms Nick Beighton as CEO
Sep 2, 2015
Nick Robertson, the founder of British online fashion retailer ASOS, has stepped down as chief executive after 15 years in which he transformed the internet start-up into a retail powerhouse with millions of fans around the world.
In the same press release on the retailer's website announcing Robertson's decision, ASOS, popular with Internet savvy twentysomethings and high-profile supporters such as British singer Rita Ora and U.S. First Lady Michelle Obama, confirmed that Nick Beighton, the company's chief operating officer, would take over from Robertson with immediate effect.
ASOS had a tough 2014 when it was hurt by the negative impact of exchange rate movements and a fire at its main warehouse. But its shares have risen 18 percent so far in 2015 as it has recovered. Last month, it raised its full-year profit guidance after a strong third quarter.
"It is not a big surprise, as he (Robertson) has been a little disengaged from the business recently," independent retail analyst Nick Bubb said. "Beighton has been well groomed as his successor."
Beighton, 47, joined ASOS in April 2009 as Chief Financial Officer, working closely with Nick Robertson on the growth of the company ever since, and stepping up to the COO role last October, widening his management responsibilities beyond finance. He was widely regarded by analysts as the heir apparent.
Prior to working for ASOS, the executive worked at business management group KPMG. He joined Matalan in 1999 later to become a member of the company’s retail board in 2003. In August 2005, he joined the board of Luminar entertainment group as Finance Director.
Monica Karski with Reuters
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