Super Retail Group has terminated its group MD and CEO, Anthony Heraghty, with immediate effect, after receiving new information regarding his relationship with the company’s former chief human resources officer.
The board concluded that Heraghty’s prior disclosures were not satisfactory, given the new information.
The alleged relationship first became public last April, after two former employees filed a lawsuit against Super Retail Group, Heraghty and the company’s former chair, claiming they were dismissed after raising concerns that the relationship was causing a toxic workplace and corporate governance issues.
The company filed a defence in June, and the case is ongoing.
The board has exercised its discretion to lapse Heraghty’s incentives, including all unvested incentives and vested but unexercised rights.
Super Retail Group‘s CFO David Burns has been appointed interim CEO while the board begins its search for a new CEO.
In a statement to the ASX, the board stated it would “carefully consider the implications this may have for the company and any related matters”.