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ASOS CEO Nick Beighton To Step Down; Ian Dyson To Become Chair

ASOS Plc (ASOMY.PK,ASOMF.PK,ASC.L), on Monday, announces Board changes to underpin delivery of the next phase of its global growth strategy.

The company noted that Nick Beighton would step down as the company's Chief Executive Officer. He would remain available to the Board until the end of 2021 to ensure a smooth handover, the company said.

Mat Dunn, currently Chief Financial Officer, would take on the additional role of Chief Operating Officer and lead the business on a day-to-day basis, while Katy Mecklenburgh, currently Director of Group Finance, would become Interim Chief Financial Officer. These changes would take place with immediate effect.

Further, Ian Dyson would become Non-Executive Chair of the Board to replace Adam Crozier, whose decision to resign was previously announced. Ian, currently ASOS's Senior Independent Non-Executive Director and Audit Committee Chair, would become Chair on November 29, 2021 for a three-year term.

Also, the company issued its Annual Results for the year to 31st August 2021 which show a strong performance, with good growth in customer numbers, sales and profits, driven by exceptional sales growth of 36% in the UK.

The company stated that it is committed to deliver annual revenues of £7 billion and an EBIT margin of at least 4%, within three to four years.

Adam Crozier said, "Over the last three years we have made significant progress, delivering 60% growth in revenues, improved profitability and a strengthened balance sheet; we have bolstered the management team and improved ASOS's operational capabilities and resilience. At the same time, however, we recognise that there is more to do to accelerate the pace and intensity of commercial execution..."

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