LONDON, October 11 (Businesshala) – British online fashion retailer ASOS split the company with CEO Nick Beighton unwilling to commit to at least half of the group’s next five-year plan, according to its chairman. said on Monday.
That strategy will allow ASOS to accelerate its international expansion.
“Looking at evolving that strategy … it’s not uncommon for everyone to be honest that wants to make sure that both on the board and in fact the executing team has the right teams to get through at least the first half. The first five years,” Adam Crozier told Businesshala.
“It is not unusual for those involved, including officials, to think about how committed they are to doing so,” he said.
“For some time in that conversation with Nick we’ve jointly come to the idea that he’s not going to be around for all of this… it’s better to make a change now.”
Crozier said the drop in ASOS’s share price — a 42% drop prior to Monday’s update — was a “failure.”