Just Group director tells court former CFO was ‘deeply involved’ in firm

Just Group’s director says a former CFO had an intimate knowledge of the company, as defection trial continues.

Just Group’s former CFO Nicole Peck with Bruce Harwood, the former mayor of Geelong.

The former chief financial officer of Solomon Lew’s Just Group, Nicole Peck, was “deeply involved” in budgeting and built up an intimate knowledge of the business during her five months at the company, a court has heard.

Just Group director Terry McCartney, who also sits on the board of the company’s ASX-listed parent, Premier Investments (PMV), told the Victorian Supreme Court Ms Peck was deeply involved in planning the company’s online business.

He was giving evidence this morning on the second day of trial in a case where Just is trying to stop Ms Peck defecting from rival retailer Cotton On, owned by the Austin and Hardwick families.

Mr McCartney said he and Ms Peck were members of a steering committee overseeing Just’s important online business.

He said a business plan for the online business that Ms Peck was exposed to on April 21 was substantially the same as the one eventually approved by the board in July, after Ms Peck resigned to go to Cotton On.

“The only adjustment was due to Brexit, because of the component with Smiggle in that plan, and that ended up being minor,” he said.

The issue of whether Smiggle, Just Group’s stationery brand aimed at children, competes with Cotton On’s stationery chain Typo, which is aimed at an older market, is at the core of the dispute.

Under questioning from counsel for Ms Peck, Peter Jopling, QC, Mr McCartney said Typo could increase sales to children.

“With knowledge of the Smiggle business there could be an opportunity for Typo to expand their kid’s section,” he said.

Yesterday, the court heard Ms Peck began work at Just on January 6 this year and resigned on May 2.

She began meeting with Cotton On executives on April 6, counsel for Just, Stuart Wood, SC, told the court.

Mr Wood said negotiations over the Cotton On job, which was basically the same role she performed at Just, continued through April.

Cotton On’s Michael Hardwick emailed colleagues on April 25, telling them the retailer was “very close to making an appointment ... her name is Nicole Peck.”