When those who hold power over others also hold undisclosed personal ties to them, the integrity of every decision made in between becomes suspect. Australia's corporate regulator has moved formally against Anthony Heraghty, the former chief executive of Super Retail Group, alleging that an undisclosed relationship with a senior human resources executive compromised his judgment, his disclosures, and his duties to the company and its shareholders. The case, filed by the Australian Securities and Investments Commission, is less a story about private life than about the ancient tension between p
ASIC sues Super Retail ex-CEO for failing to disclose office romance
Two former employees alleged harassment after raising whistleblower complaints about the relationship; cases were settled in September 2025.
Whether a director properly disclosed and managed conflicts of interest
Mark
So the core allegation here is that Heraghty didn't tell people about the relationship. But why does that matter so much that it becomes a legal case?
Mimi
Because he wasn't just dating someone at the company—he was her boss. He made decisions about her pay, her bonuses, whether she kept her job. If you're in a relationship with someone you supervise, your judgment is compromised, whether you realize it or not. The board and shareholders needed to know that.
Luke
Right, but we should be clear: ASIC alleges he supervised her and made those decisions. We don't have the full details of what those decisions were or whether they actually favored her. That's what the court will sort out.
Mark
And the "misleading information" part—what exactly did he tell people that was false?
Mimi
ASIC says he provided or authorized information to the board and market about the relationship that was misleading. The regulator doesn't spell out the specific statements in the announcement, so we're working from the allegation itself.
Luke
Exactly. We know ASIC says the information was misleading, but the actual statements aren't detailed in this reporting. That's something the court documents will clarify.
Mark
What about the two employees who sued? How does that connect?
Mimi
They alleged they were harassed after they raised concerns about the relationship internally. They went through the whistleblower process and then faced retaliation. Those cases settled in September 2025.
Luke
Those are separate lawsuits, though. Different parties, different claims. The settlements happened, but we don't know the terms or amounts. That's a distinct piece of the story.
Mark
So Heraghty's already moved on to a new company that's about to go public. Does ASIC have any power to stop that?
Mimi
Not directly through this case. But if he's disqualified from being a director—which is one of the things ASIC is seeking—that would prevent him from holding certain roles in listed companies.
Luke
Though again, that's what they're asking for. The court hasn't ruled yet. And we don't know what role he actually holds at Winning Group or whether disqualification would apply to it.
Le Pouls
- ASIC has escalated from investigation to litigation, formally alleging that Heraghty misled both the board and the market while supervising a senior executive with whom he was in a relationship.
- The alleged conflict ran deep: Heraghty is said to have participated in decisions shaping the executive's pay, incentives, and redundancy terms — all while the relationship remained inadequately disclosed.
- Two employees who raised whistleblower complaints about the situation later alleged they faced harassment as a result, with those cases quietly settled in September 2025 — the same month Heraghty was fired.
- The regulator is now seeking financial penalties and a director disqualification order, raising the stakes for Heraghty as he prepares to lead Winning Group through a prospective Australian IPO.
- Super Retail Group, which operates Supercheap Auto, Rebel Sport, BCF, and Macpac, has stayed publicly silent, leaving ASIC to carry the weight of the governance argument into court.
When those who hold power over others also hold undisclosed personal ties to them, the integrity of every decision made in between becomes suspect. Australia's corporate regulator has moved formally against Anthony Heraghty, the former chief executive of Super Retail Group, alleging that an undisclosed relationship with a senior human resources executive compromised his judgment, his disclosures, and his duties to the company and its shareholders. The case, filed by the Australian Securities and Investments Commission, is less a story about private life than about the ancient tension between personal loyalty and public accountability — and what happens when a leader chooses not to name that tension aloud.
Australia's corporate regulator has filed suit against Anthony Heraghty, the former chief executive of Super Retail Group, alleging he failed to properly disclose a relationship with Jane Kelly, the company's former head of human resources, and in doing so misled the board and the broader market. The Australian Securities and Investments Commission announced the action on Monday, framing it not as a judgment on private conduct but as a question of whether a director met his legal obligations to manage conflicts of interest and protect shareholders.
Heraghty was dismissed in September 2025 after the board concluded his disclosures had been inadequate. ASIC's allegations go further, contending that he supervised Kelly throughout the relationship, participated in decisions affecting her compensation and redundancy terms, and was involved in board discussions about complaints arising from the situation — all while providing or authorizing information to the board and market that the regulator characterizes as misleading. ASIC Chair Sarah Court was direct: the case is about governance and transparency, not the relationship itself.
The regulator is seeking declarations of contravention, financial penalties, and orders barring Heraghty from serving as a company director. The stakes are sharpened by his current role leading Winning Group, a private kitchen and appliance retailer that local media report is preparing for an Australian IPO. Winning declined to comment.
The human toll of the affair extended beyond the executive suite. Two former Super Retail employees alleged they faced harassment after raising whistleblower complaints about the relationship; both cases were settled in September 2025. Super Retail — whose retail stable includes Supercheap Auto, Rebel Sport, BCF, and Macpac — has not publicly commented on the enforcement action. The matter now proceeds through the courts, where ASIC must demonstrate that Heraghty's conduct caused or risked material harm to the company and those who invested in it.
Australia's corporate regulator has filed suit against Anthony Heraghty, the former chief executive of Super Retail Group, alleging he misled the company's board and the broader market by failing to properly disclose a relationship with Jane Kelly, the retailer's former head of human resources. The Australian Securities and Investments Commission announced the legal action on Monday, marking a formal enforcement step in a corporate governance dispute that has already reshaped the company's leadership and triggered separate litigation from employees.
Heraghty was dismissed from his role as CEO in September 2025 after the board determined he had inadequately disclosed the alleged relationship with Kelly. The regulator contends that his conduct breached fundamental directors' duties and exposed Super Retail to a cascade of foreseeable harms: reputational damage, employee complaints, litigation, regulatory scrutiny, and potential harm to the company's share price and shareholder value. ASIC Chair Sarah Court framed the case as fundamentally about governance and transparency rather than the personal nature of the relationship itself. "This case is not about private relationships, but whether a director properly disclosed and managed conflicts of interest and met their duties to the company and shareholders," Court said in a statement.
The regulator's allegations paint a picture of conflicted decision-making at the executive level. ASIC says Heraghty supervised Kelly while maintaining the alleged relationship, and that he participated in decisions affecting her employment, compensation, incentive arrangements, and redundancy terms. Beyond those operational decisions, the regulator alleges he was involved in board and committee discussions addressing complaints about the situation and that he provided or authorized information released to both the board and the market that was misleading in character.
The legal action seeks declarations that Heraghty contravened his duties, financial penalties, and orders disqualifying him from serving as a company director. Heraghty did not immediately respond to requests for comment. He has since moved on to lead Winning Group, a privately held kitchen and appliance retailer, in a role he assumed in July. Local media have reported that Winning is preparing for an initial public offering on the Australian market, though the company declined to comment when contacted by Reuters.
The fallout from the alleged relationship extended beyond Heraghty's termination. Two former Super Retail employees brought legal action claiming they experienced harassment after raising whistleblower complaints about the relationship. Those cases were settled in September 2025. Super Retail itself operates a portfolio of well-known retail chains including Supercheap Auto, Rebel Sport, BCF, and Macpac. The company has not publicly commented on the ASIC enforcement action. The case now moves into the court system, where ASIC will need to establish that Heraghty's conduct breached his legal obligations and that his failures to disclose and manage the conflict caused or risked material harm to the company and its shareholders.
Citations marquantes
This case is not about private relationships, but whether a director properly disclosed and managed conflicts of interest and met their duties to the company and shareholders.— ASIC Chair Sarah Court
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