As tipped by ChannelNews, former Super Retail Group boss Anthony Heraghty has been confirmed as the new chief executive of Winnings Group, as the struggling appliance retailer attempts to overhaul its operations ahead of a proposed $1 billion share market float.

Heraghty replaces John “Herman” Winning, ending more than a century of family control over the chief executive’s office.

He has already met senior Winnings executives and key appliance suppliers and is now travelling interstate to meet other staff across the business.

His appointment follows a capital injection and the arrival of new shareholders, including Ellerston Capital, whose backing has intensified speculation that Winnings is being groomed for an initial public offering.

Industry observers claim Heraghty’s appointment is fundamentally an IPO execution play.

Morgans, Bell Potter and Barrenjoey Capital have reportedly been appointed to advise on a float targeting a raise of up to $1 billion.

Heraghty brings valuable ASX experience, having run the $3 billion Super Retail Group for six years. He is viewed by some fund managers as a safe pair of hands capable of imposing listed company discipline on a family controlled business facing public market scrutiny for the first time.

However, he arrives carrying baggage from his controversial departure from Super Retail Group, where he was dismissed in September 2025 following revelations of an undisclosed relationship with the company’s former human resources chief.

Despite the messy exit, Heraghty remains well regarded in sections of the investment community.

His more immediate problem is the condition of the business he has inherited.

Winnings’ FY25 after tax profit reportedly collapsed by about 60% to just $1.9 million, while EBITDA fell from $30 million to $25 million on largely flat revenue of approximately $886 million.

The company is also facing rising liabilities and negative working capital, prompting one major supplier to dismiss talk of a $1 billion valuation as “dreaming”.

Heraghty must also deal with the fallout from an executive exodus that has included Moore, Allan, Gardner, Tindill and McGlone, among others.

The management churn has reinforced claims that an overhaul of Winnings was long overdue, with the business developing a reputation for revolving door management.

Three Fair Work claims alleging unlawful dismissal are also hanging over the company, with a fourth understood to be looming. Winnings is also dealing with Supreme Court proceedings that could complicate attempts to present a clean investment story to institutions.

Former CEO John Winning

The appointment of an outsider has reportedly caused controversy inside a company that has been controlled by the Winning family for more than 100 years.

John Winning has publicly flagged an IPO before the end of 2026, giving Heraghty about five months to stabilise the leadership team, improve the financial narrative and address the legal disputes before attempting to sell the business to institutional investors.

That is a formidable assignment for any chief executive.

The critical questions are now whether the float will be pushed into 2027, whether the ambitious valuation will be slashed and how Heraghty plans to explain Winnings’ weak FY25 performance in a prospectus.

Before Winnings can convince investors that it is worth anywhere near $1 billion, its new chief executive will first have to prove that the century old family business is ready for the unforgiving glare of the ASX.