British online fashion and beauty retailer ASOS has appointed its second interim CFO in four months as current interim CFO Katy Mecklenburgh plans to leave in May 2023 for another role. Sean Glithero has been named as the company’s new interim CFO until a permanent CFO is appointed. He will formally take over the role in May 2023 but has already joined to company to “allow for a thorough handover,” ASOS said in a statement.
Glithero has led large finance functions at businesses including Auto Trader Group, Funding Circle Holdings and, most recently, as CFO of fellow British fashion retailer MatchesFashion. The CFO shuffle is part of a larger leadership restructuring at ASOS as the company looks to turn around declining profits through “reinforced leadership and refreshed culture.”
The company outlined its “Driving Change” transformation strategy in its October 2022 annual report. A central piece of the plan is a reorganized executive team that will simplify decision-making within the company. The new 12-person ASOS Leadership Team will include roles covering creative, product, trading, supply chain, technology, marketing, finance, strategy, people and communications, with 75% of those positions already filled, the company shared alongside the news of Glithero’s appointment.
The shifts have included the appointment of José Antonio Ramos Calamonte as CEO in June 2022, as well as the October 2022 departure of then COO and CFO Mat Dunn. Mecklenburgh, who previously served as Director of Group Finance, took over the CFO position on an interim base at the time of Dunn’s departure.
Following a banner 2021 — in which the company acquired a number of brands, including Topshop and Miss Selfridge and launched a joint venture with Nordstrom in the U.S. — ASOS experienced a year of declining sales. For the four-month period ending Dec. 31, 2022 ASOS saw active customers remain flat at 25.5 million and total revenue decline by 3%.
“As we continue to face a highly uncertain economic and geopolitical environment, it is clear we must sharpen our focus on improving operations, performance, flexibility and relevance, as well as capitalizing on our core strengths — the strong ASOS brand and compelling customer offer,” said ASOS Board Chair Jørgen Lindemann in the company’s annual report.
More details on the company’s progress in its Driving Change agenda, including interim results and additional details on new executive appointed will be presented on May 10, 2023.