Super Retail has revealed withholding performance-related bonuses worth more than $7 million from sacked boss Anthony Hegarty.
The four-brand retail operator has been scarred by scandal in recent months, following executive whistleblowing around Mr Hegarty’s conduct.
It hasn’t stopped Australians from shopping at the chains, with interim boss David Burns unveiling strong sales growth in the year to date.
At the company’s annual meeting in Brisbane on Thursday, Mr Burns said trade was up 4.5 per cent for the first 16 weeks of the 2025/26 financial year compared to the same spell last year.
Still, the increased sales were just a sideshow to the main game: chair Judith Swales’ defence of the board’s actions.
Ms Swales’ board initially backed Mr Hegarty before dismissing him in September following fresh revelations.
“When the original allegations came to light, given the seriousness and sensitivity, we engaged an external law firm who undertook the investigation and we acted, and we relied on that,” she said.
“When the … new disclosures came forward six weeks ago, they were beyond disappointing.
“Had we have known that, we would have acted very differently at the time and that was information that was not obtainable by the board. It did not reside on company records.”
While Ms Swales did not discuss the “new evidence” but did confirm the multimillion dollar scale of financial loss to Mr Hegarty, including a bonus due of roughly $620,000.
The former Fonterra executive survived a protest vote in her leadership, her re-appointment stamped with a quarter of proxy votes opposing it.
Super Retail settled with the whistleblower pair of Rebecca Farrell and Amelia Berczelly in September, ending the legal tit-for-tat which began in April 2024.
The terms of that settlement were not shared, though the annual report reveals the company set aside $11.3 million for associated costs.
Super Retail remains engaged on two probes around the saga: an ASIC investigation and a fresh Fair Work complaint by a third lawyer, Renee Williams.
Super Retail is the parent company of four well-known chains: car parts and accessory retailer Supercheap Auto, sports stockist Rebel, and BCF and Macpac for outdoors enthusiasts.
Super Retail shares fell 3.4 per cent on Thursday morning to sit at $16.57 at noon.
The AGM was held a week before incoming chief executive Paul Bradshaw replaces Mr Burns, who returns to his role as chief financial officer.
Mr Bradshaw is an internal hire, stepping up from managing director of BCF.
Mr Burns said the four chains now totalled 782 stores, with 31 opening in the past financial year and another 23 stores coming this year.
Sales topped $4 billion for the first time in 2024/25, though Mr Burns said Rebel and Supercheap Auto “disappointed” compared to expectations.
He said BCF had an “outstanding” year, while Macpac’s improvement had continued into this financial year, posting 16.9 per cent growth for the first 16 weeks.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
