The board of Premier Investments has decided to cancel the performance shares issued to former Smiggle managing director John Cheston.
It comes two weeks after Cheston’s surprise sacking by The Just Group due to alleged “serious misconduct”. The Just Group is a key subsidiary of Premier which owns and manages retail brands such as Peter Alexander, Smiggle, Just Jeans and Jay Jays.
The total number of his performance shares forfeited is 113,550, amounting to around $3.8 million in value according to Premier’s current share price of $33.83.
Premier confirmed that these performance shares were issued to Cheston in two equal tranches pursuant to exercises by him on 18 October 2023 and on 29 May 2024.
“The Premier Board considers that on these dates Mr Cheston was in breach of obligations to the Premier Group,” a statement by the company read.
“Mr Cheston’s employment was terminated on 9 September 2024 because the Just Group Board considered he had engaged in serious misconduct and a serious breach of the terms of his employment.
“The Premier Board considers that it is contrary to the purpose and conditions of the Plan and otherwise inappropriate for Mr Cheston to receive the benefit of the Performance Shares that were issued on the aforementioned exercise dates.”
Cheston’s sacking came three months after he secured a new role at global accessories business Lovisa as CEO and managing director, where he is expected to commence in June 2025.
Ragtrader has since reached out to Lovisa for comment.