The finance chief of fitness ecommerce giant Gymshark has left the company two years after his appointment.
In a Companies House update on Tuesday, it was revealed that Matthew Dunn had been removed as a director. There was no announcement from the company itself.
The former ASOS chief operating officer joined Gymshark in 2022, replacing former CFO Philip Daw.
A spokesperson for Gymshark said: “Mat Dunn was employed as chief financial officer from December 2022 to November 2024. During that time, Mat was instrumental in evolving our finance and commercial functions, and we thank him for all he contributed.”
Dunn joined the ASOS board in 2019 and has, at various times, served as its CFO, COO and interim CEO. The share price of ASOS fell by more than 90% between its peak in early 2021 and December 2022.
Before his departure from Gymshark, Dunn oversaw the company’s latest accounts, which revealed pre-tax profit for the year ended July 2023 was £13.1m, a 53% drop from the previous year.
Gymshark said this was largely down to a sudden rise in costs that has since started to normalise. The company instead pointed to its revenue increase from £484.4m to £556.2m.
It is not yet clear who will replace Dunn, UKTN has contacted the company for further comment.
Founded in 2012 in Solihull, Gymshark has become one of the UK’s biggest online retailers, securing a £1bn valuation in 2020 following a £200m investment from General Atlantic.
That has made its founder, 32-year-old Ben Francis, one of the wealthiest entrepreneurs in the UK with an estimated fortune of more than £1 bn.
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