Winning, a privately owned high-end appliance retailer, has reaffirmed its support for newly appointed chief executive Anthony Heraghty amid legal action brought by the Australian Securities & Investments Commission (ASIC) that alleges serious breaches of corporate conduct. Heraghty, who took the helm at Winning in late July, faces a pending federal court case in Brisbane set for early next year, in which ASIC will argue that he breached directors’ duties, misled the board and the market, and posed conflicts of interest related to a concealed workplace affair.
The case centers on Heraghty’s alleged undisclosed relationship with Jane Kelly, former head of human resources at Super Retail, where Heraghty had been chief executive until his dismissal approximately 10 months prior to joining Winning. ASIC claims Heraghty attempted to keep the relationship hidden, including instructing his wife to remain silent when legal inquiries were initiated.
Central to the proceedings will be private communications uncovered during ASIC’s investigation, including text messages and WhatsApp exchanges between Heraghty and Kelly. These messages reportedly document the couple’s travels and overnight stays in hotels and Airbnbs, suggesting a prolonged intimate association. The commission has employed its enforcement powers to obtain these communications from Heraghty’s phone, and unless the court rules otherwise, the content could be made public during the trial.
Despite the intensifying controversy and the potential reputational risks ahead of a planned initial public offering (IPO) scheduled for 2027, Winning’s board has publicly expressed continued confidence in Heraghty’s leadership. A memo circulated to staff underscored his “excellent track record in running retail businesses” and highlighted improvements he has implemented in company operations during his short tenure.
John Winning Snr, chairman of the company, conveyed in the memo that the board remains steadfast in its belief that Heraghty is guiding the business in a positive direction, even as legal scrutiny mounts. A spokesman for Winning declined to comment specifically on the ASIC case, citing the ongoing nature of the proceedings, but confirmed the board stands by the message communicated to employees.
Earlier this year, Ellerston Capital, an investment firm managed by Ashok Jacob and Chris Kourtis, contributed $100 million to Winning, positioning itself for a potential ownership stake of up to 15 percent contingent on the company’s public listing. Attempts to reach Ellerston Capital’s management for comment on the unfolding governance issues went unanswered.
As the ASIC case proceeds, it is expected to explore not only the alleged personal misconduct but also broader questions around corporate governance and transparency during Heraghty’s time at Super Retail and now at Winning. The outcome could have significant implications for his ability to lead Winning through its next growth phase.