Asos CEO Steps Down

Asos founder Nick Robertson has resigned as CEO. He founded the U.K.-based online fashion retailer in 2000.

Chief operating officer Nick Beighton will replace him as CEO, and Robertson will remain as nonexecutive director.

“Nick [Beighton] has unique experience of the company built over six years, equipping him to drive Asos along its growth trajectory to become the world’s leading online fashion retailer for twentysomethings,” said chairman Brian McBride in a statement.

Asos, which became famous for its imitations of celebrity-favored styles, including jewelry, has annual sales of about $1.5 billion.