Superdry co-founder Julian Dunkerton returns as CEO
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Superdry executives, including the chairman and chief executive, have resigned after founder Julian Dunkerton won his bid to be reinstated to the board of the company he founded.
In a narrow victory on Tuesday, Dunkerton won the support of 51.15% of shareholders who voted.
Superdry has been engaged in a battle with Dunkerton since the former CEO called for a shareholder meeting in an attempt to force a return to the company’s board after a raft of profit warnings.
The shock win was flagged ahead of a shareholder meeting called by Mr Dunkerton and packed with his supporters.
Following the emergency board meeting that followed the vote, chairman Peter Bamford and chief executive Euan Sutherland resigned with immediate effect, along with chief financial officer Ed Barker and Penny Hughes, head of the remuneration committee. The remaining non-executive directors will stand down on July 1.
Dunkerton – who owns 18% of the company – was chief executive until 2014, when former Co-op chief executive Euan Sutherland took over the role. However, Dunkerton remained at the company as creative director until he left a year ago.
Since Mr Dunkerton’s departure Superdry’s shares have plunged by 65%, and he and Mr Sutherland argued over who is responsible for the brand’s decline.
The management had planned to branch out into childrens wear and was also trying to broaden its range away from the firm’s roots of branded hoodies, jackets and T-shirts.
