# Rapha CEO resignation and financial losses

> Live situation record from CLSTR: https://clstr.news/situations/rapha-ceo-resignation-and-financial-losses
> Updated: 2026-09-28T11:30:32.000Z. Sources: 5. Developments: 2.

Fran Millar has resigned as CEO of the British premium cycling apparel brand Rapha after two years in the position. Her departure follows the company’s ninth consecutive year of financial losses, with the most recent financial year reporting an operating loss of £21.2 million and a net loss of £25.3 million. 

Revenues for the company fell to £89 million, down from £96 million in the previous year. In response to these financial challenges, Rapha has announced an organizational restructure and a formal consultation process expected to include job cuts as part of a transformation program to reduce costs and improve efficiency.

## Timeline

### 2026-09-28: Rapha CEO departs amid losses as Financial Times reports record revenue

Rapha CEO Fran Millar departs amid falling revenues and rising losses, while the Financial Times reports record annual revenues of £566 million and increased operating profits.

2 sources. https://clstr.news/cluster/rapha-ceo-departs-amid-losses-as-financial-times-reports-record-revenue

### 2026-09-23: Rapha CEO Fran Millar resigns amid deepening financial losses

Rapha CEO Fran Millar has resigned as the cycling apparel brand reports its ninth consecutive year of losses and prepares for an organizational restructure involving job cuts.

3 sources. https://clstr.news/cluster/rapha-ceo-fran-millar-resigns-amid-deepening-financial-losses

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Cite as: Rapha CEO resignation and financial losses. CLSTR, https://clstr.news/situations/rapha-ceo-resignation-and-financial-losses