As-off: Online Fashion Chief Executive Steps Down

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One of the many challenges faced by a CEO, particularly when they are a co-found of a popular online fashion retailer, is knowing when it is time to step down and move on. This was the case this week when Nick Robertson, the chief executive of ASOS stepped down following what has been a difficult 18 months for the Company.

Robertson founded ASOS back in 2000 and in 2001 the Company was floated on the AIM where the Company was valued at around £12million, since then the Company has boomed and was said to be worth in the region of £6billion as it expanded internationally. Unfortunately recent months have seen the company receive a number of profit warnings and there have been poor international sales due to adverse currency movements.

In our opinion it takes a special type of businessman to recognise when the time has come to step down and pass the leadership role to someone else.

Robertson will remain on the board as a non-executive director and will be succeeded by Nick Beighton who joined ASOS as a finance director in 2009 and in 2014 was promoted to chief operating officer and is thought to have been preparing for this new role for the last 18 months.

As chief executive and in this case the co-founder your responsibility is to your company, and although you may have created the business and taken it to where it is, it is important to acknowledge those around you and what they may be able to contribute to the business going forward. It is important to be able to see the bigger picture when running a business and in this case Robertson has realised that investors would like to see ASOS implement further management additions, who have the specific skill sets to get the company competing on the international market again.

If you have any queries in relation to the structure of your company or would like to discuss how Forbes will be able to help your business reach its full potential, please do not hesitate to contact Pauline Rigby in our Corporate and Restructuring Department who will be able to advise you further on 0800 689 0831.

Pauline Rigby

About Pauline Rigby

Pauline Rigby is Head of the Corporate and Restructuring team at Forbes Solicitors. Pauline’s blogs cover a wide range of corporate issues, specifically areas including company formation, banking, joint ventures and shareholder matters, contractual matters and equity fundraising or investing.
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