ASOS hires former MATCHESFASHION finance exec as Interim CFO
To help drive progress in its Driving Change agenda, ASOS has appointed Sean Glithero as Interim CFO following Katy Mecklenburgh's upcoming departure.
ASOS confirmed Glithero has already joined the company to allow for a smooth exchange of hands. He is a highly experienced CFO with a track record of delivery across a range of digital and fashion businesses. During his 28-year finance career, he has held leadership roles at Auto Trader Group, Funding Circle Holdings, and, most recently, MATCHESFASHION.
In addition, ASOS has announced that its interim results will be published on 10 May 2023, along with further details regarding the progress made in its Driving Change agenda.
The programme sees the business focus on new priorities, such as renewing its commercial model and improving inventory management. It will also see ASOS simplify and reduce its cost profile, ensuring a robust and flexible balance sheet.
Over the last four months, ASOS has taken action to turn around its disappointing financials. It has simplified the decision-making processes within the organisation, simultaneously building a new Leadership Team with greater depth in critical areas.
75% of the 12-person leadership team has now been filled through a combination of internal talent and key hires. The e-commerce giant will provide a full update in its interim results.
A statement from the company read: “We are undertaking necessary strategic and operational changes, with our focus shifting from prioritising top-line growth to building a more relevant and competitive fashion business with a disciplined approach to capital allocation and ROI.
“We have made good early progress against a number of measures to simplify the business, including re-positioning our inventory profile, reviewing our operational model in our top markets and reducing our cost base. While there is more to do, I am pleased by the progress made in this period and am confident in the direction we are going. We retain ample balance sheet flexibility and reiterate our expectations for FY23.”