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Online cosmetics retailer Adore Beauty (ASX: ABY) has announced its chief executive officer Tamalin Morton will be stepping down for personal reasons after a short tenure that commenced in January 2023, but will remain in the role until September before taking on a consulting position to provide strategic advice after the leadership transition.
Morton, an experienced retail executive who has previously held senior roles at My Pet Warehouse (now part of Woolworths-owned PetStock), Priceline (now part of Wesfarmers), Kathmandu (ASX: KMD), Coles (ASX: COL) and Spotlight, has been credited with returning Adore Beauty to growth.
"On behalf of the board, I would like to thank Tamalin for her outstanding leadership and contribution to Adore Beauty," says Adore Beauty chair Marina Go.
"As CEO, Tamalin has done an excellent job delivering Adore Beauty’s financial and operational successes and developing the strategic plan. Tamalin steps down as CEO with the business in a strong position.
"Under Tamalin’s leadership, the Company has returned to growth and continues to build solid trading momentum."
With the company having today announced record returning customer numbers of 514,000 and an 8.9 per cent rise in revenue to $45 million in the March quarter, Go highlights a "significant progression" of strategy over the course of Morton's leadership including increasing brand awareness, launching a subscription service, developing our retail media proposition and mobile app growth.
"This has been in tandem with operational optimisation to drive profitability," Go says.
"Our executive team, with Tamalin’s support and ongoing guidance, remains focused on executing our strategic initiatives, including exploring a new physical store format, M&A (merger and acquisition) opportunities and private label development.
"The business will continue to build on its strategy of increasing brand awareness, optimising customer experience, and delivering value to our shareholders."
Morton thanks the "amazing" Adore Beauty team as the board starts a process to find her replacement.
"I have been immensely proud to lead Adore Beauty and of what we have accomplished together," she says.
"While personal reasons have led me to make the difficult decision to step down as CEO, I remain committed to Adore Beauty and look forward to supporting the new CEO."
Adore Beauty remains on track to achieve an EBITDA margin of 2-4 per cent this financial year, although the company notes retail conditions are expected to remain challenging for the remainder of FY24, given continued higher cost of living pressures and subdued customer sentiment.
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