‘Asos’ chair has taken on a second retail giant, but when will it find its new CEO?’

As one of the foremost online fashion retailers, you would think that Asos’ chief executive position would be a sought-after post for many.

This week it was disclosed that Asos chair Ian Dyson has taken on an additional role as chair of electricals retailer Currys, but six months on from former Asos chief executive Nick Beighton’s shock exit there has been little news on his replacement. Why hasn’t Asos found the right fit?

Asos has been quite vocal on the specifics of the sort of person it is looking for. Dyson told analysts at its capital markets day last year: “It’s very much what you’d expect – a global leader very much focused on growth, innovation, disruptive businesses, with a digital focus.”

Current chief operating officer and chief financial officer Mat Dunn, who is leading the business in the interim, ruled himself out of the running early on.

Reading between the lines – and with Asos’ big American push – some have assumed the fashion giant would be looking across the pond for someone with the requisite digital knowhow, but is there an issue in what Asos is looking for, or is there simply a lack of talent in the pipeline across the sector at large?

Where have all the CEOs gone?

The retail industry used to be awash with veterans who swapped c-suite roles like Pokémon cards, but recently there seem to be fewer big names on the VIP list.

Asos is certainly not the only one struggling to secure someone for the top job – Asda’s chief executive position has been empty since last August.

Research from Korn Ferry also found that chief executive appointments were at a 10-year low in 2021, down 54%, driven by Covid uncertainty.

Some retailers have looked beyond the retail industry to bring in their next leaders – Pets at Home’s incoming boss Lyssa McGowan arrives from her role as chief consumer officer at Sky, while Dame Sharon White took the reins at John Lewis in 2019 from communications regulator Ofcom.

“Asos really needs someone to take the lead and finish what Beighton and Dunn started with a new zest for international”

There is nothing wrong with shaking things up – Pets at Home cast its net wide as it looked to reach the next stage of growth, while John Lewis needed new direction to turn around its fortunes.

Asos, meanwhile, really just needs someone to take the lead and finish what Beighton and Dunn started with a new zest for international.

The fashion retailer’s specifications should not be beyond the realm of reason when searching for a chief executive, so what other issues are at play?

While Dunn has done a stellar job holding down the fort in the interim, Beighton’s swift exit and lack of successor exposes the issues in retail’s talent pipeline.

This is not the first time this has happened; when the retail kings (and a few queens) of yesterday have forgotten to prepare their heirs of tomorrow.

Retailers have spoken of the battle to secure digital talent and the online boom over the past two years has made that even more important.

The shopfloor-to-boardroom trope is one that has fallen by the wayside but to ensure more retailers are not left with a hole at the top in the next decade, the industry should be looking to build up its directors – so they’re ready to take the lead – if it wants to keep it in the retail family.

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