Julian Dunkerton, the CEO of Superdry, has begun the hiring process for a new chair and two independent non-executive directors in an effort to completely revamp the board.
Following Superdry’s delisting from the London Stock Exchange, the company’s board of non-executive directors resigned from their positions. This is the reason for the change in leadership.
The chief technology officer Matt Horwood resigned from his position earlier this year, joining a number of other departing executives such as chief financial officer Shaun Wills and chief commercial officer Craig McGregor, according to Retail Week, further weakening the executive team.
Superdry’s temporary chief operational officer Shaun Packe and interim chief financial officer Giles David have both been appointed to the board as executive directors, with Dunkerton acting as interim chair at the moment.
After Superdry’s turnaround program was approved by the court, shareholders, and creditors last month, the retailer’s founder began the process of rebuilding his company. The plan calls for delisting from the London Stock Exchange, a £ 10 million equity issue financed by Dunkerton, and rent reductions across 36 UK locations, 12 of which will go to zero rent.
In an attempt to stop the company’s declining sales and growing losses, Dunkerton has stated that the upcoming few months will be dedicated to “reinvention.”
The retailer has made several changes, such as cutting its seasonal clothing selection by more than half from 4,000 pieces to 1,600 pieces as it shifts away from offering clothing lines with strong branding. The retailer, which outsourced its digital operations to Salesforce, will also rebuild its websites in Ireland later this month and the UK in September.
