Super Retail chair survives protest vote after scandal
Super Retail has announced the suspension of performance-related bonuses worth more than $7 million from sacked boss Anthony Hegarty.
The four-brand retail operator has been hit by scandals in recent months following administrative notices about Mr Hegarty’s behaviour.
That hasn’t stopped Australians shopping at the chains, with interim boss David Burns delivering strong sales growth since the start of the year.
At the company’s annual meeting in Brisbane on Thursday, Mr Burns said trading was up 4.5 per cent in the first 16 weeks of the 2025/26 financial year compared to the same period last year.
Yet the increased sales were just a sideshow to the main play: Chairman Judith Swales defending the board’s actions.
Ms Swales’s board initially backed Mr Hegarty, then sacked him in September following new revelations.
“When the initial allegations emerged, given the seriousness and sensitivity, we took action and relied on an external law firm to undertake the investigation,” he said.
“When new revelations emerged six weeks ago it was beyond disappointing.
“If we had known that, we would have acted very differently at the time, and that was information the board didn’t have access to. It wasn’t in the company records.”
Ms Swales did not discuss the “new evidence” but confirmed Mr Hegarty’s multimillion-dollar financial loss; This includes a bonus of approximately $620,000.
Former Fonterra executive survives protest vote on his leadership; His reappointment was marked by a quarter of the proxy votes opposing it.
Super Retail settled with whistleblower couple Rebecca Farrell and Amelia Berczelly in September, ending the legal tit-for-tat that began in April 2024.
Terms of this deal were not shared, but the annual report reveals that the company set aside $11.3 million for related costs.
Super Retail remains engaged in two investigations into the saga: an ASIC investigation and a new Fair Work complaint by a third solicitor, Renee Williams.
Super Retail is the parent company of four well-known chains: car parts and accessories retailer Supercheap Auto, sports stockist Rebel and outdoor enthusiasts BCF and Macpac.
Super Retail shares fell 3.4 percent on Thursday morning, falling to $16.57 by midday.
The AGM was held a week before new CEO Paul Bradshaw replaced Mr Burns, who returned to his role as chief financial officer.
Mr Bradshaw is an internal employee who has left BCF as chief executive.
Mr Burns said the four chains had a total of 782 stores, 31 of which opened in the last financial year and a further 23 stores would open this year.
Sales surpass $4bn for the first time in 2024/25, but Mr Burns said Rebel and Supercheap Auto were “disappointed” compared to expectations.
He said BCF had had an “extraordinary” year, while Macpac had also improved this financial year, recording 16.9 per cent growth in the first 16 weeks.
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