Asos PLC

Board/Management Information • Aug 17, 2022

National Storage Mechanism | Additional information

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 Michelle Wilson	Tel: 020 3207 7800

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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