Super Retail uncovers underpayments, CEO to make hasty exit

Company News

by Anna Napoli

Super Retail Group (ASX:SUL) will make back payments to retail managers after a review uncovered underpayment of overtime and some allowances to retail managers.

The company will recognize a $43 million pre-tax charge in its half year results to cover the estimated cost of back payments.

Outgoing CEO Peter Birtles has offered his early resignation in the wake of the debacle, which is the second instance of its staff being underpaid.

He will step down next Wednesday (20 February).

The company says they are serious underpayments that it deeply regrets.

Shares in Super Retail Group (ASX:SUL) are trading 1.27 per cent higher to $7.96

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.