(Reuters) -Australia’s Super Retail Group has dismissed Chief Executive Anthony Heraghty with immediate effect after the board found his disclosures regarding a workplace relationship to be inadequate, sending its shares sharply lower.
The sporting goods retailer said it received new information about Heraghty’s relationship with the company’s former chief human resources officer and concluded his prior disclosures “were not satisfactory”.
Shares fell as much as 7.13% to A$16.030 in early trade, making it the biggest loser on the benchmark S&P/ASX 200 index. The move was the steepest single-day percentage drop for the stock since February 20.
Heraghty, who had led Super Retail since February 2019, was paid A$3.3 million ($2.2 million) in total compensation in fiscal 2025, according to the company’s annual report.
The board said it has exercised its discretion to lapse all his incentives, including the unvested awards and vested but unexercised rights.
Meanwhile, Chief Financial Officer David Burns has been appointed as the interim CEO while the company searches for a permanent replacement.
Burns will oversee the A$3.89 billion retailer’s more than 700 stores across Australia and New Zealand, operating under brands including Supercheap Auto, Rebel, BCF and Macpac.
“The board will carefully consider the implications this may have for the company and any related matters,” Super Retails said in a statement, adding that it has investigated the claims with external advisors and will defend the legal proceedings.
($1 = A$1.4986)
(Reporting by Roushni Nair in Bengaluru; Editing by Sumana Nandy)
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