ASIC sues former CEO over disclosures affecting Super Retail stock

Published on 10/02/2026 at 01:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ASIC alleges a former CEO misled the board and market on September 21, 2026. For Super Retail stock, the next AGM is October 29, 2026.

Super Retail, AU000000SUL0, Illustration mit AI erstellt.

ASIC commenced civil penalty proceedings against former Super Retail Group CEO and Managing Director Anthony Heraghty on September 21, 2026, alleging breaches of directors' duties and misleading information supplied to the board and market. The allegations concern an undisclosed relationship with a senior executive and decisions involving employment, remuneration and legal complaints, according to ASIC.

Governance case reaches the market

ASIC alleges that Heraghty continued supervising the senior executive while participating in decisions affecting employment, incentives and redundancy arrangements. The regulator is seeking declarations of contravention, pecuniary penalties and disqualification orders, so the case creates a legal and governance overhang for the retailer.

Heraghty served as chief executive officer, managing director and a board member from March 31, 2019, to September 15, 2025. ASIC also says the alleged conduct exposed Super Retail Group to risks involving reputation, litigation, regulatory action, costs and shareholder harm.

Revenue grows as profit declines

Super Retail reported fiscal 2026 revenue of AUD 4,199.8 million, up 3.19 percent from AUD 4,070.1 million in fiscal 2025, while net income declined to AUD 205.9 million from AUD 221.8 million. These figures are listed by Investing.com for the fiscal periods ended June 27, 2026, and June 28, 2025.

The market picture is more restrained than the revenue line. Super Retail was last at AUD 12.70 on the ASX on October 1, 2026 at 4:14 p.m. AEST, down 1.17 percent from the prior close of AUD 12.85, while its market capitalization was AUD 2.9 billion.

Stock remains below its yearly high

The ASX quote stood 28.05 percent below the 52-week high of AUD 17.65 and above the 52-week low of AUD 10.08. That spread gives the governance issue a clear valuation context: the stock remains materially below its yearly peak even as annual revenue reached a record level in the latest reported fiscal year.

Analyst expectations moved higher before the regulatory action. Simply Wall St reported on September 4, 2026, that the consensus target rose from AUD 13.59 to AUD 14.75. The target lies 16.14 percent above the October 1 ASX price, although the target is an analyst estimate rather than a company forecast.

AGM set for October 29

Super Retail has scheduled its annual general meeting for October 29, 2026, at 10:00 a.m. Brisbane time. The company published the 2026 notice of meeting and related voting documents on September 29, 2026, through its investor relations page. The meeting gives shareholders a scheduled forum for governance questions while the ASIC case develops.