Dive Brief:
- Online fashion retailer ASOS appointed Sean Glithero as interim CFO while the firm continues to search for a permanent financial chief effective this May, the company announced Friday. Glithero has already joined the company in order to “allow for a thorough handover,” it said Friday.
- Current interim CFO Katy Mecklenburgh will depart that month for another role, according to the company. Mecklenburg, who previously served as the fashion retailer’s director of group finance, took the interim seat in October following the departure of previous CFO Mat Dunn.
- The CFO change-ups are part of a larger series of executive moves and adjustments by the London, U.K.-based company as it attempts to boost profitability following a period of slumping growth.
Dive Insight:
Glithero will serve as interim until a permanent CFO can be found, according to the Friday release. Prior to joining ASOS, Glithero served as CFO for online luxury retailer Matchesfashion, and has also held CFO and executive positions for companies including Funding Circle and Auto Trader UK, according to his LinkedIn profile.
As interim, Glithero joins other recent executive appointments by the company aimed at crafting a new leadership team, which will focus on delivering the goals and strategies outlined in its “Driving Change” agenda.
ASOS detailed the agenda in October 2022 after reporting a £32 million pre-tax loss for its fiscal year, according to its annual report, announcing it would take steps to cut costs and reorganize operations in the face of slumping sales.
The Driving Change initiative includes the creation of a 12-person leadership team encompassing areas including technology, strategy, supply chain and people and communications as well as finance. ASOS has now filled 75% of these roles through a “combination of internal talent and key strategic hires,” according to the Friday release.
These appointments include company alum CEO José Antonio Ramos Calamonte, who was appointed to the role in June 2022 after serving as its chief commercial officer. Besides other additions to company leadership, ASOS announced Christoph Stark would serve as their group director of supply chain in its Jan. 12 financial results for the period ending Dec. 31.
For the four month period ending Dec. 31, ASOS reported declining sales in both the U.S. and the U.K., with U.K. total sales decreasing 8% year-over-year to £591 million for the period, according to company results. Overall total revenue decreased by 3%, according to the company.
Company executives pointed to inflation, the continued impact of COVID-19 variants and weakening consumer spend as headwinds, which they expect to see continue throughout the first half of the year. ASOS expects to report a loss for the first half of the year, executives said.
ASOS declined to comment beyond the details included in the Friday release.
