REG - ASOS PLC - Directorate Change

ASOSAnnouncement

17/08/2022 07:00

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RNS Number : 2420W  ASOS PLC  17 August 2022

This announcement contains inside information

 

Directorate Change

The Board of ASOS plc and Mat Dunn, Chief Operating Officer and Chief
Financial Officer, have agreed a phased plan under which Mat will step down
from his roles as ASOS restructures its Executive team. Mat will continue in
his role and as a member of the Board until at least 31 October 2022 and will
remain employed until the end of the year to provide transitional support. Mat
joined the Board of ASOS in April 2019 as CFO before taking on the additional
role of COO in October 2021.

Jørgen Lindemann, ASOS Chairman, said:

"I would like to thank Mat for the enormous contribution he has made to ASOS
over the past three years, and in particular during his time as interim CEO.
Mat has worked tirelessly to ensure that ASOS has been able to make continued
strategic progress, despite the prevailing market conditions which have
existed since the global pandemic. We wish him well in the next chapter of his
career."

Mat Dunn commented:

 "I have very much enjoyed my time at ASOS. We have achieved a lot over the
last three years and the business is stronger as a result and I am sure will
go on to great success. I am looking forward to my next challenge, but I will
continue to follow what is happening at ASOS and I wish the Board, José and
the rest of the team all the best for the future."

A process is underway to appoint a new CFO; a further announcement will be
made in due course.

This Announcement is issued on behalf of the Company by Anna
Suchopar, General Counsel and Company Secretary.

For further information:

 ASOS plc                                                Tel: 020 7756 1000
 José Antonio Ramos Calamonte, Chief Executive Officer

Taryn Rosekilly, Director of Investor Relations

Katja Hall, Director of Corporate Affairs

 Website: www.asosplc.com/investors

 Headland Consultancy                                    Tel: 020 3805 4822
 Susanna Voyle / Stephen Malthouse

 JPMorgan Cazenove                                       Tel: 020 7742 4000
 Bill Hutchings / Will Vanderspar

 Numis Securities                                        Tel: 020 7260 1000
 Alex Ham / Jonathan Wilcox / Tom Jacob

 Berenberg                                               Tel: 020 3207 7800

 Michelle Wilson

 

Background notes

Remuneration & notice period

Salary and benefits

 

Mat will remain an employee of the Company until 31 December 2022, when his
employment will end.

 

Mat will receive his salary and normal benefits during the remainder of his
employment and thereafter will receive an amount in lieu of his salary for the
remainder of his 12-month notice period.

 

Annual Bonus

 

Mat will be eligible to receive a bonus in respect of the 2022 financial year,
which will be assessed and paid in the normal way.

 

Mat will be eligible to receive a bonus in respect of the 2023 financial year,
pro-rated for time to the date he steps down from the role of Chief Financial
Officer of ASOS and from his position on the ASOS board, which will be
assessed and paid in the normal way.

 

ASOS Long Term Incentive Scheme ("ALTIS")

 

Mat's outstanding ALTIS awards granted on 20 November 2019 will vest subject
to the satisfaction of applicable performance conditions on the normal vesting
date on 31 October 2022.

 

Mat's outstanding ALTIS awards granted on 20 November 2020 and 23 November
2021 will be pro-rated for time as detailed below and will vest on the normal
vesting date, subject to the satisfaction of applicable performance
conditions. The Company's Remuneration Committee has exercised its discretion
to permit this outcome, which is as contemplated by the Company's remuneration
policy.

 

 Date of grant     Number of shares subject to award  Number of shares pro-rated for time  Vesting date
 23 November 2021  48,791                             18,937                               31 October 2024
 20 November 2020  25,633                             18,510                               31 October 2023
 20 November 2019  27,173                             27,173                               31 October 2022

 

Other

 

Mat will receive a contribution of £10,000 towards legal fees incurred in
connection with his departure.

 

Mat will receive a contribution of £25,000 towards the cost of outplacement
support.

 

Further information

 

The relevant remuneration details relating to Mat Dunn will be included in the
Directors' Remuneration Report in the Annual Report and Accounts.

About ASOS

ASOS is a destination for fashion-loving 20-somethings around the world, with
a purpose to give its customers the confidence to be whoever they want to be.
Through its app and mobile/desktop web experience, available in ten languages
and in over 200 markets, ASOS customers can shop a curated edit of over
100,000 products, sourced from nearly 900 global and local third-party brands
alongside a mix of fashion-led own-brand labels - ASOS Design, ASOS Edition,
ASOS 4505, Collusion, Reclaimed Vintage, Topshop, Topman, Miss Selfridge and
HIIT. ASOS aims to give all of its customers a truly frictionless experience,
with an ever-greater number of different payment methods and hundreds of local
delivery and return options, including Next-Day Delivery and Same-Day
Delivery, dispatched from state-of-the-art fulfilment centres in the UK, US
and Germany.

 

 

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