Asos Interim CFO to Join Softcat

Asos (LON: ASC) interim Chief Financial Officer (CFO) Katy Mecklenburgh will leave the online fashion retailer in around six months to join Softcat (LON: SCT), the company said on Friday.

The news means Asos will continue its search for a new CFO after Mecklenburgh took on the role on an interim basis from previous Asos CFO Matt Dunn in October after he stepped down.

Mecklenburgh will join London-listed Softcat, with the IT group's current CFO, Graham Charlton, set to become the company's CEO at the beginning of August 2023.

Asos shares are trading mostly flat on Friday, while Softcat is up almost 1% on the day.

Mecklenburgh has held several finance leadership roles across various industries and companies, including Amazon, Serco plc, and Procter & Gamble. Prior to joining ASOS in 2021, Mecklenburgh served as Group Financial Controller at Inchcape, a firm with an annual turnover of around £8 billion.

“I am delighted to be joining Softcat as they continue to deliver their successful growth strategy. Softcat is a fantastic company, and I am looking forward to making my own contribution to a business with such a strong service and people orientated culture,” Mecklenburgh said in Softcat's press release.

Softcat's Non-Executive Chairman, Martin Hellawell, said the firm conducted an “extensive, rigorous search” for its new CFO Mecklenburgh's background and experience “set her apart from other candidates.”

Earlier this week, Asos shares were cut to Neutral from Outperform by Credit Suisse, with analyst Simon Irwin also slashing the firm's price target on the stock to 660p from 1,250p, telling investors in that he sees a shortage of clarity on the company's strategy and operating model.