Premier Investments cancels ex-Smiggle MD’s performance shares

Premier Investments’ board has decided to forfeit the performance shares issued to former Smiggle MD John Cheston due to his alleged breach of obligations.

The total number of shares stood at 113,550 issued in two equal tranches last October 18 and May 29.

“The Premier board considers that it is contrary to the purpose and conditions of the [performance rights] plan and otherwise inappropriate for Mr Cheston to receive the benefit of the performance shares that were issued on the aforementioned exercise dates,” said Premier Investments in a statement to the ASX.

Earlier this month, Premier announced the immediate termination of Cheston due to alleged serious misconduct.

Cheston is the incoming CEO and MD of jewellery retailer Lovisa, effective June 4 next year.

Premier’s Performance Rights Plan is a long-term incentive scheme offered to eligible employees of companies in the Premier Group subject to performance conditions being met and at the discretion of the Premier board, the statement said.

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