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ASOS shakes up board to revive fortunes

ASOS shakes up board to revive fortunes
FILE PHOTO: A model walks on an in-house catwalk at the ASOS headquarters in London April 1, 2014. REUTERS/Suzanne Plunkett/File Photo -
Suzanne Plunkett(Reuters)
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(Reuters) – Online fashion retailer ASOS Plc on Wednesday revamped its board by naming several new directors, including Ocado Solutions Chief Executive Officer Luke Jensen, as it looks to bounce back from a string of profit warnings.

ASOS, which sells fashion aimed at twentysomethings, is tapping experienced hands to revive its business after the company in July issued its second profit warning since December.

It had said problems in ramping up warehouses in the United States and Germany restricted product availability, hitting sales and raising costs.

The company appointed four new independent non-executive directors in total on Wednesday, increasing the number to six. Two existing directors, Hilary Riva and Rita Clifton, will leave in April 2020 after their six-year tenures.

The other three new directors are Sky executive Mai Fyfield, former Burberry executive Eugenia Ulasewicz and Micro Focus executive Karen Geary.

Jensen will sit on the audit and nomination committees along with Geary and Ulasewicz, while Fyfield will join the audit and remuneration committees.

(This story corrects paragraph 2 to say company issued “second profit warning” since December, not “third profit warning”)

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Subhranshu Sahu)

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