Mass resignations at Superdry board following Julian Dunkerton comeback

Superdry’s CEO Euan Sutherland, chairman Peter Bamford, chief financial officer Ed Barker, and chairman of the remuneration committee Penny Hughes have all resigned from the company’s board with immediate effect following the successful comeback of co-founder Julian Dunkerton.

In a company meeting held at the request of Dunkerton, shareholders voted 51.15 percent in favour of him returning to the struggling retailer’s boards after months of speculation. Dunkerton, who remains the company's biggest shareholder with a stake of over 18 percent, has been made interim CEO of the brand he founded in 1985, while former Boohoo chairman Peter Williams has been made chairman.

In a joint statement released by the two, Dunkerton and Williams said: "We are very pleased to be joining the board of this great British company. We look forward to rebuilding the Superdry brand and the business."

Superdry’s board resigns, Dunkerton is made interim CEO

Superdry’s board had threatened to resign if Dunkerton rejoined the company, following a long battle by the co-founder to return to the business after abruptly leaving in March. Just hours after Tuesday’s meeting, chairman Peter Bamford, CEO Euan Sutherland, finance chief Ed Barker and chair of the remuneration committee Penny Hughes all announced they would stand down with immediate effect.

Additionally, Dennis Millard, Minnow Powell, Sarah Wood and John Smith have all given three-months' notice under their contracts and will stand down as directors with effect from 1 July 2019.

Since leaving the company in March last year, Dunkerton has been publicly critical of Superdry’s management, calling its Q3 results in February the “weakest” in the company’s 34-year history, and a “damning indictment" of its "misguided strategy.”

Photo courtesy of Superdry, St David’s

 

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