Super Retail Group Shares Slump as Board Terminates CEO

Shares in Super Retail Group, owner of the Rebel Sport and Supercheap Auto chains, fell sharply after the company said it terminated Managing Director and Chief Executive Officer Anthony Heraghty with immediate effect after receiving new information about a relationship he had with an employee.

Super Retail’s board got information from Heraghty regarding his relationship with the company’s former chief human resources officer and concluded his prior disclosures “were not satisfactory,” according to a statement Tuesday. Shares dropped as much as 7.1% in early trading in Sydney.