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ASOS rallies as it appoints former ITV boss Adam Crozier as chairman

Last updated: 05:01 03 Jul 2018 EDT, First published: 02:32 03 Jul 2018 EDT

ASOS
Crozier left ITV last year after seven years as CEO

ASOS plc (LON:ASC) has appointed former ITV plc (LON:ITV) chief executive Adam Crozier as its chairman, replacing Brian McBride.

Crozier, who left ITV in June 2017 after seven years at the helm of the broadcaster, will join the online fashion retailer at the annual general meeting in November when McBride steps down.

READ: Adam Crozier to quit as boss of ITV at end of June

Positive market reaction

The news sent shares in ASOS up 1.5% to 6,212p in morning trading.

During his time at ITV, Crozier helped turn around the business and reduced the company’s reliance on advertising revenue by building up its production arm.  

The 54-year-old has also been chair of Whitbread plc (LON:WTB) since February and has served as director on the boards of Saatchi & Saatchi, Vue International, G4S PLC (LON:GFS), the Football Association and the Royal Mail PLC (LON:RMG).

"The ASOS story is truly impressive and I am tremendously excited to become part of it. I'm greatly looking forward to working with the team that is building a global powerhouse in online fashion,” Crozier said.

READ: ASOS shares drop as worries over costs counter jump in first-half sales, profits

McBride, 62, who leaves the company after six years as chairman, said: "It has been a great honour and pleasure to have worked with ASOS over these past six years and I wish the company continued success in being the World's No 1 destination for fashion-conscious twenty-somethings.”

Crozier a 'sound appointment', says ShoreCap

Shore Capital reiterated a 'buy' rating on ASOS, saying Crozier "looks a sound appointment".

"The transition to a new chairman completes the transition to a new top team that began three years when Nick Beighton replaced ASOS founder Nick Robertson as CEO," said ShoreCap's Greg Lawless.

"The company is yet to replace Helen Ashton as CFO, who announced her departure earlier this Spring."

 

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