Lovisa chairman Brett Blundy has shared his excitement over John Cheston's incoming CEO appointment despite Cheston's recent sacking from Smiggle.
In the company’s new FY24 annual report, Blundy called the upcoming leadership change a new era.
“With a wealth of retail experience and a proven track record of success, John is poised to take Lovisa to even greater heights,” Blundy wrote in the chairman’s address.
“Get ready for a new era of operational excellence, growth, innovation, and excitement under his leadership.”
This comes more than a month since Cheston was sacked by The Just Group board from his now-former role as the managing director of Smiggle over alleged “serious misconduct”.
Two weeks after his dismissal, Premier Investments - the parent company of Smiggle, Peter Alexander and The Just Group brands - forfeited Cheston’s $3.8 million bonus.
It is unclear what the “serious misconduct” was, but recent commentary from Premier chairman Solomon Lew during a media call suggests that it was around a breach of Cheston’s employment contract.
“At head office, we employ 650 team members, and I can honestly say we hardly lose any staff to competitors,” Lew said. “There are instances where people move on or they move to the country or interstate, but it's really rare.
“We have very strict rules at the Just Group company, and if anybody does not adhere to those rules, they get exited immediately.”
Cheston is expected to take over Victor Herrero at Lovisa from June 4, 2025. Herrero has held the role for three years.
Blundy also commended Herrero on his three-year run, adding that he will be stepping down from the helm on May 31, 2025.
“It has been an outstanding three years together with the opening of 25 new markets and increasing the store network by 350 stores so far, now at over 900 stores globally.
“The Board of Directors extends their heartfelt thanks for his exceptional effort and contributions to Lovisa.”