Superdry Chairman Peter Bamford, Chief Executive Euan Sutherland, Chief Financial Officer Ed Barker, and Chairman of The Remuneration Committee Penny Hughes, have all resigned from the business with immediate effect, following co-founder Julian Dunkerton’s re-election to Superdry’s board earlier today.
Four other directors have announced that they would step down on 1 July 2019. Additionally, UBS and Investec – Superdry’s brokers, have also resigned.
The shocking development of events came after Julian Dunkerton won an investor vote which reinstates his position in the company.
Shareholders of the company voted by a narrow majority of 50.75 per cent to re-elect Dunkerton in a major blow to Superdry’s Directors, who have previously threatened to resign after warning investors that Dunkerton’s reappointment would be “extremely damaging” for the company.
The moves come after Dunkerton, who stepped down from the board last year saw the value of his holding plunge by £250m in 2018 following a series of profit warnings and an 80 per cent crash in the company’s share price. Being the owner of an 18 per cent stake in the business, he sought to return to the helm to revive the firm’s finances.
Things between Dunkerton and Superdry have been sour in the past few months, with both sides accusing the other of leading the group in the wrong direction. The meeting earlier today, saw shareholders lashing out at Sutherland and Bamford for their roles at the helm of the in the group.
Following the results of today’s vote, Dunkerton told City A.M.: “We will work with anybody as they long as they do what’s the best strategy…they must not let pride get in the way.”
Dunkerton will be taking over as Interim Chief Executive at Superdry, while Peter Williams – (former Boohoo chair who also narrowly won a vote to return to the board) – has been appointed as Superdry’s Chairman.