Premium British fashion brand Superdry has been in the news off and on for the efforts to overhaul the company by Founder & CEO Julian Dunkerton.
However, the news of Chief Financial Officer Nick Gresham stepping down with immediate effect comes as a shock. What’s more, the company has not explained the move.
Gresham joined the retailer in June 2019 to replace former CFO Ed Baker who resigned with most of the company’s board following the return of Julian Dunkerton as CEO after he had given up the position years ago.
The company is on a lookout to find his permanent replacement as soon as possible.
Superdry’s shares fell 6 per cent to 142p post the news.
The retailer’s revenue for the fiscal year 2019-20, ended 27 April, was down 19.2 per cent year-on-year to 704.4 million pounds, while pre-tax loss grew to 166.9 million pounds from 89.3 million pounds as compared to the previous year.
“Nick joined the company at a time of major change and challenge in the business. He has played an important role in putting the company in a stronger position than it was prior to his joining and helped steer Superdry through the impact of the COVID-19 pandemic,” CEO Julian Dunkerton said evasively in a statement.