Superdry: Dunkerton wins power struggle

Superdry board resigns upon Dunkerton's return

Superdry CEO Euan Sutherland, chairman Peter Bamford, CFO Ed Barker, and president of the remuneration committee Penny Hughes all resigned immediately from the company's board of directors after the comeback of co-founder Julian Dunkerton.

 

Interim CEO

Dunkerton founded Superdry along with James Holder in 1985. Today, he is still the biggest shareholder of the fashion company with an interest of 18 percent . During a recent board meeting requested by the two founders, a slight majority of the shareholders voted in favour of Dunkerton's return. He will now become interim CEO while BooHoo president Peter Williams has been appointed chairman of the board.
 

Dunkerton and Williams both stated their delight at joining the management of a great British company. "We have a wonderful opportunity to take this brand and this business to the next, exciting phase of its growth and development," Dunkerton said.

 

Criticism

Superdry's board had threatened to leave if Dunkerton were to rejoin the company's management. A few hours after the meeting on Tuesday, Peter Bamford, Euan Sutherland, Ed Barker and Penny Hughes all announced their immediate resignation.
 

Since Dunkerton left the company last March, he has been publicly expressing his criticism of Superdry's management. In February, he said the third quarter results were the weakest in the company's 34-year history. Earlier he had labeled the new board "disastrous".