By Martin Shwenk Leade

Copyright indiatimes

AgenciesAfter Nestle, Australia’s Super Retail fires CEO over relationship disclosure

Australia’s Super Retail Group Ltd has announced the abrupt termination of Chief Executive Officer (CEO) Anthony Heraghty, effective immediately, after an internal review determined that he failed to adequately disclose details about a workplace relationship. The decision, which the company said followed the receipt of new information regarding Heraghty’s conduct, triggered a sharp reaction in the market, sending the company’s shares tumbling during early trading. In an official statement, the board of directors explained that the issue centered on Heraghty’s relationship with the firm’s former Chief Human Resources Officer. According to the board, the information that had previously been disclosed by Heraghty was incomplete and unsatisfactory, ultimately breaching the expectations of transparency and governance that apply to senior executives. The retailer emphasized that, following an internal investigation supported by independent external advisors, it had no choice but to take decisive action. The market responded negatively to the announcement. Shares of Super Retail Group dropped as much as 7.13 percent, reaching A$16.03 in early session trading and making the stock the biggest loser on Australia’s benchmark S&P/ASX 200 index for the day. This marked the steepest one-day percentage fall in the company’s share price since February 20, reflecting investor concerns about leadership stability and future strategic direction. Heraghty, who had been at the helm of the company since February 2019, had played a central role in steering the retailer through significant challenges, including the COVID-19 pandemic, supply chain disruptions, and shifts in consumer demand. According to the company’s 2025 annual report, he earned a total compensation package of A$3.3 million (approximately USD 2.2 million) in the last fiscal year. The board further confirmed that all of Heraghty’s incentive entitlements would be forfeited. This includes both unvested long-term incentive awards as well as vested but unexercised rights, underscoring the seriousness with which the company viewed the breach of disclosure obligations.Live Events To ensure operational continuity, the company has appointed its Chief Financial Officer, David Burns, as interim CEO. Burns will take charge of managing the group’s extensive retail operations, which span over 700 stores across Australia and New Zealand. Super Retail Group operates several well-known brands, including Supercheap Auto, Rebel, Boating Camping Fishing (BCF), and outdoor clothing and gear brand Macpac. “The board will carefully consider the broader implications of these developments for the company and address any related matters as necessary,” Super Retail Group said in its statement. It added that legal proceedings related to the issue are ongoing and that the company intends to defend its position vigorously. With annual revenues of nearly A$3.9 billion, Super Retail Group remains one of Australia’s largest specialty retailers. Investors and industry analysts are now closely watching how the company navigates this leadership transition and whether it can maintain momentum in a competitive retail environment while it searches for a permanent replacement for Heraghty.Earlier this month, Nestle’s dismissed CEO Laurent Freixe denied having a relationship with a direct subordinate to the company’s board. Nestle sacked Freixe after what it called a romantic relationship with a subordinate, a dramatic removal a year after he took the reins.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onnestleSuper RetailSuper Retail Group CEO firedAnthony Heraghty terminationCEO relationship disclosure scandalAustralian retail newsNestle CEOLaurent Freixe(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

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