Matthew Dunn, CFO of Gymshark, exits after a two-year tenure.
- His departure, revealed through Companies House, was not publicly announced by Gymshark.
- Dunn played a crucial role in enhancing Gymshark’s finance and commercial sectors.
- Under Dunn’s leadership, Gymshark experienced a significant drop in pre-tax profit.
- Despite challenges, Gymshark continued its revenue growth trajectory.
Matthew Dunn has quietly exited his role as Chief Financial Officer at Gymshark, two years into his tenure. The revelation came through a Companies House update, but the company itself made no formal announcement regarding his departure.
Dunn, who brought his extensive experience from ASOS, having served as CFO, COO, and interim CEO there, took over the role at Gymshark in 2022. A Gymshark spokesperson commended Dunn, stating, “Mat was instrumental in evolving our finance and commercial functions, and we thank him for all he contributed.”
During his leadership, Gymshark faced a significant setback with its pre-tax profit dropping by 53% to £13.1 million for the year ending July 2023. The company attributed this drop to a sudden spike in costs, which have since begun to stabilise. Despite the profit dip, Gymshark’s revenue saw growth, increasing from £484.4 million to £556.2 million.
Founded in 2012, Gymshark has risen to become one of the leading online retailers in the UK. It achieved a £1 billion valuation in 2020, following a substantial investment from General Atlantic. This has significantly increased the wealth of its founder, Ben Francis, who is among the UK’s richest entrepreneurs.
The company has not yet disclosed who will replace Dunn as CFO. Gymshark is currently handling inquiries for further comments on the matter.
The departure of Matthew Dunn marks a significant transition period for Gymshark as it navigates changes in its leadership team.
