Asos' share price tumbled this morning as the etailer confirmed boss Nick Robertson is stepping down as chief executive of the company he founded 15 years ago.
Chief operating officer Nick Beighton will take on the reins with immediate effect. Robertson will stay on as a non-executive director.
Beighton has been at Asos since 2009, when he joined as chief financial officer. He was promoted last October, taking on wider management responsibilities. Helen Ashton joined as chief financial officer, succeeding Beighton, yesterday.
Asos' share price was down 4.1 per cent in early morning trading.
It has long been thought that Robertson was working on an exit strategy from the etailer. Rumours about his departure first surfaced last night, but it was confirmed this morning.
Asos chairman Brian McBride said: "On behalf of everyone who works at Asos, I'd like to acknowledge Nick Robertson's extraordinary achievement. His passion and vision have built a start-up into a world class company. We are all delighted that Nick will continue to contribute to the Company that he started.
We are fortunate to have such an able successor for the chief executive role in Nick Beighton. Nick has unique experience of the Company built over six years, equipping him to drive Asos along its growth trajectory to become the world's leading online fashion retailer for 20-somethings".