ASIC alleges that Heraghty failed to disclose and manage a conflict of interest arising from an alleged personal relationship with Jane Kelly, the former chief human‑resources officer at Super Retail, and that he continued to supervise her and influence decisions on her remuneration, incentives and redundancy package.
The regulator further claims Heraghty supplied, or authorised the supply of, information to the board and to the market that omitted the existence of the relationship, thereby misleading shareholders and the Australian Securities Exchange.
Heraghty, who was recently appointed to appliance group Winnings ahead of an expected ASX float, is now facing ASIC’s request for declarations of contravention, pecuniary penalties of up to $1.56 million per breach of section 180 of the Corporations Act, and a possible disqualification from managing corporations.
Super Retail Group terminated Heraghty’s employment with immediate effect on 15 September 2025 after the board received new information about the relationship. The board also stripped him of $8.7 million in incentives, although he retained a cash bonus of $620,760.
In 2024, former Super Retail chief legal officer Rebecca Farrell and former company secretary Amelia Berczelly launched separate lawsuits against the retailer, alleging they were penalised for trying to expose the same relationship and for alleged misuse of company funds. The disputes cost Super Retail about $40 million, according to its financial disclosures.
ASIC chair Sarah Court said the case is not about private relationships but about whether a director properly disclosed and managed conflicts of interest, underscoring the broader governance, transparency and trust issues for boards and markets. Heraghty has been approached for comment through Winnings and will have the opportunity to file a defence.