Shares in Super Retail Group slid to a low of $16.03 in early trade after chief executive Anthony Heraghty was dumped over “new information” about his alleged affair.
Super Retail Group is the owner of Supercheap Auto, rebel and BCF. At 1pm AEST, shares were down 3.42% at $16.67.
The board had already looked into his alleged relationship with former HR boss Jane Kelly but now says Heraghty’s disclosures were “not satisfactory”.
Citi analyst Adrian Lemme said there’s “uncertainty surrounding future leadership” given Heraghty was well regarded by investors. He called the move to appoint long-time chief financial officer David Burns as interim CEO “prudent”.
“While Super Retail has a history of internal succession, we expect it will also look externally,” Lemme added, pointing to Burns, Supercheap Auto head Benjamin Ward, rebel’s Gary Williams and BCF boss Paul Bradshaw as possible contenders.
E&P retail analyst Kade Madigan said she was “surprised around the timing” of the sacking. She noted court proceedings over the non-disclosure of the relationship have been running since July 2024, with the market first told back in April last year.
“The board had previously advised they had conducted a review and investigations into these allegations that was supported by independent external advisers and that these investigations concluded that none of the allegations were substantiated,” Madigan said.
“Clearly, new information has come to light, however we are surprised around the timing given how long it has been since these investigations were initiated,” she added.
Investors are now left waiting for the company’s much-anticipated investor day, which was supposed to unveil a “refreshed longer-term strategy”.