ASIC sues former Super Retail boss Anthony Heraghty

ASIC has launched civil penalty proceedings against former Super Retail Group chief executive Anthony Heraghty, alleging he breached his directors’ duties and misled the company’s board and the market.

The corporate regulator claims Heraghty failed to disclose and manage conflicts of interest arising from an alleged undisclosed relationship with a senior Super Retail executive.

ASIC is seeking financial penalties, declarations of contravention and orders disqualifying Heraghty from managing corporations. The allegations have not been proven in court.

ASIC alleges conflicts were not disclosed

According to ASIC, Heraghty continued to supervise the executive and participated in decisions about their employment, remuneration, incentives, rewards and redundancy package.

The regulator also alleges he took part in board and committee discussions about complaints and anticipated legal proceedings concerning the relationship.

ASIC claims Heraghty provided or authorised information for Super Retail’s board and the market that omitted details of the alleged relationship and was therefore misleading.

ASIC chair Sarah Court said the action was not about executives’ private lives, but the obligations placed on directors when personal interests conflict with their corporate responsibilities.

“ASIC alleges Mr Heraghty put himself in a position where his personal interests conflicted with his duties to Super Retail Group and that he failed to properly disclose and manage that conflict,” Court said.

“The allegations in this matter raise important issues about governance, transparency and trust in the information provided to boards and the market.

“This case is not about private relationships, but whether a director properly disclosed and managed conflicts of interest and met their duties to the company and shareholders.”

Regulator alleges risk to shareholders

ASIC alleges Heraghty’s conduct exposed Super Retail to reputational damage, complaints, litigation, regulatory action, additional costs and harm to its share price and shareholders.

The regulator claims Heraghty contravened section 180 of the Corporations Act by failing to exercise the care and diligence expected of a reasonable director.

It also alleges he breached section 1309 by providing information about the company’s affairs that was misleading in a material respect because it omitted relevant information.

Individual breaches can attract maximum penalties of between $1.11 million and $1.565 million, depending on when the alleged contravention occurred.

Heraghty served as Super Retail Group’s chief executive, managing director and board member from March 2019 until September 2025. The ASX-listed company owns Supercheap Auto, Rebel, BCF and Macpac.

Winning Group backs its new chief

Heraghty has since been appointed chief executive of Winning Group, the family-owned retailer behind Appliances Online and Winning Appliances.

The Australian Financial Review reports that John Winning snr and the Winning Group board expressed their support for Heraghty in a memo to employees viewed by the publication.

The memo said Winning Group appointed Heraghty with knowledge of the circumstances surrounding his departure from Super Retail.

“In his short time with us, Anthony has sharpened our approach and made a meaningful impact on our operations,” the memo said.

“We want to assure you the board’s confidence in the direction of the business under his leadership remains firm. The group is performing very strongly, and Anthony has begun a transformation.”

Winning Group puts its judgement on the line

The memo leaves little room for Winning Group to distance itself from Heraghty’s history at Super Retail.

By stating it knew the circumstances of his departure before appointing him, the board has put its recruitment process and judgement on the record.

Its support may be tested as ASIC’s case moves through the courts. For now, Winning Group has chosen to tie its reputation to Heraghty’s leadership while he faces allegations from the corporate regulator.