Country Road has agreed to pay $1.1 million in compensation to former CEO John Cheston for unlawful dismissal.

Cheston, who was hired for the job July last year, was sacked 63 days later with the company saying at the time that it was due to “fundamental” differences.

In a statement released to the stock exchange, Country Road said the resolution will enable “the parties to focus on their respective futures in the Australian fashion industry.”

“The proceeding is to be discontinued,” the company said.

The settlement is conditional upon appropriate approvals being obtained.