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Adore Beauty Group (ASX: ABY) co-founder Kate Morris is retiring from the board of the beauty retailer just two years after stepping aside from an executive role in the company she established with James Height 25 years ago.
Morris, who was joint-CEO of the company with Height until 2018, has notified the board she intends to step down as non-executive director at the end of this month.
Height, who was sole CEO of Adore between 2018 and 2020 and chief data officer between 2020- 2023, was named as an alternate non-executive director for Morris in June this year.
Height had previously stepped down as non-executive director in November last year and his appointment as alternate director will also end with the retirement of Morris.
“As the co-founder of Adore Beauty, stepping down from the board is a significant moment for me personally,” says Morris.
“I reflect with immense pride on what we’ve built – from an early-stage idea to the business it is today.
“I have every confidence in the strategy, the strength of the board and the capability of the leadership team to guide Adore Beauty through its next phase of growth and innovation.
“While I’m stepping back from a formal role, I remain a committed and supportive shareholder and look forward to seeing Adore Beauty’s continued success.”
Despite their departure, Morris and Height, who each hold about 10.8 per cent of Adore Beauty, are still entitled to a representative on the board.
Through a relationship deed secured with the company in 2020 ahead of its ASX listing, the founders are allowed to nominate one director to the board should they hold a combined interest of at least 10 per cent in the company.
Adore Beauty says the founders plan to nominate a director “in due course” to stand for election at the annual general meeting.
The retirement of Moss has been announced in tandem with plans by Marina Go to resign as chair of the company at the annual general meeting scheduled for November.
Go, who joined Adore Beauty in 2020 and became chair in 2021, is described by the company as making “a significant contribution” during her tenure through “strong leadership and guidance through periods of growth”.
“It has been a privilege to work alongside the board and executive team of Adore Beauty over the past five years,” says Go.
“I am confident that Adore Beauty is well placed to deliver on its growth strategy and I have full confidence in the Adore Beauty team. I look forward to following the company’s continued success as a shareholder.”
The former pure-play online retailer has adopted an omni-channel strategy in recent years which led to a record underlying profit in FY25 that was aided by new store openings and wider margins.
Adore Beauty posted record normalised EBIT of $4 million for the full year, up 74.8 per cent compared with FY24.
This figure does not include one-off restructuring and acquisition costs of $2.5 million incurred during the year, which ultimately pushed Adore Beauty’s bottom line profit down 65 per cent to $761,000.
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