Superdry board resigns after co-founder rejoins business
Superdry co-founder Julian Dunkerton has been successful in his bid to rejoin the business despite opposition from the fashion retailer’s board
At a shareholder meeting on Tuesday, Dunkerton secured 51% of investors’ votes to ensure his return to the business, but this led to Superdry’s chief executive, chairman and other board members resigning.
Dunkerton had submitted a request to convene the meeting to consider resolutions to elect both himself and Peter Williams as directors of the company and a dispute in which he described Superdry’s strategy as “misguided”.
Superdry reported a 1.5% drop in revenue in its third quarter following “subdued” sales, which it attributed to ongoing legacy product issues and unseasonably warm weather. The business is currently working through a strategy to diversify its product range to make it less reliant on colder weather items such as jackets and sweats.
Following the meeting, Superdry chairman Peter Bamford and chief executive Euan Sutherland stood down and were also joined by Ed Barker, chief financial officer, and Penny Hughes, chairman of the remuneration committee. In addition, Dunkerton was appointed as chief executive and Williams as chairman.
Dennis Millard, Minnow Powell, Sarah Wood and John Smith were three-months' notice under their contracts and will stand down as directors from 1 July.
In a statement, Williams and Dunkerton 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."
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