Accent Group director Michael Hapgood leaves amid takeover defence, ASIC investigation
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The news: Platypus and HypeDC brand owner Accent Group has announced that director Michael Hapgood will resign from the role effective 21 August for personal reasons.
The company is currently facing takeover pressure and an investigation from corporate regulator ASIC.
The context: According to an announcement to the exchange on Tuesday evening, Hapgood will have spent about 11 years on the board of Accent.
He was one of the founding directors of the company after Accent Group Limited was acquired by RCG Corporation in 2015.
The company is currently facing a hostile takeover from its largest shareholder, UK retail billionaire Mike Ashley’s Frasers Group, but Accent told the exchange that Hapgood’s resignation “does not affect” the independent board committee’s unanimous recommendation to reject the on-market takeover offer.
In May, Accent also told the exchange that it is investigating suspected insider trading between 23 May 2025 to 10 June 2025 in relation to CEO Daniel Agostinelli.
Communications relating to Agostinelli, Hapgood and another senior employee are part of the investigation, but Accent said that Hapgood told the board he did not trade shares during the period in question.
What they said: “On behalf of the board, I would like to thank Michael for his significant contribution and devotion to the Company over the years. His experience and measured input to the board has been invaluable and will be missed,” Accent chair Lawrence Myers said.
An ASIC spokesperson said the regulator is “aware of the market announcement by Accent Group” but is “unable to comment while the matter is under investigation”.
The source: ASX
