Overview

• The board said it received new information about Heraghty’s relationship with former chief human resources officer Jane Kelly and deemed his prior disclosures unsatisfactory.
• Heraghty’s employment was terminated with immediate effect and all unvested incentives and vested but unexercised rights were lapsed.
• Chief financial officer David Burns was appointed interim CEO as the board begins a search for a permanent replacement.
• Super Retail’s shares dropped sharply in early trading, falling as much as about 7% to A$16.03, according to market data.
• The decision follows Federal Court actions by former legal executives alleging an undisclosed relationship, bullying and misuse of funds; the company previously said reviews found the claims unsubstantiated and has set aside roughly A$11.3 million for related matters.