The dispute between Superdry founder Julian Dunkerton and the board of the business he founded but had stepped down from was brought to an end in explosive fashion on 2nd April. As previously reported, Dunkerton had been mounting an offensive to secure his return to the board of Superdry and this had been backed by various shareholders but was unsupported by the incumbent board of the business, including chief executive Euan Sutherland who had repeatedly said that falling sales and profit warnings were largely attributable to Dunkerton who had been responsible for approving the ranges that were not selling.
Euan Sutherland and CFO Ed Barker stepped down from the board immediately, along with Penny Hughes who had served as chairman of the remuneration committee. Four non-executive directors have also resigned to date, giving the business three months notice, whilst its brokers Investec and UBS have also resigned.
Sutherland had repeatedly warned Dunkerton that his return to the board was not in the best interests of the business and that it would be divisive. However, Dunkerton returns to the board today as interim CEO with former Boohoo chairman Peter Williams, who supported his actions, taking the role of chairman.
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