Shares in UK clothing retailer Superdry remained down by more than 9% this afternoon (2 April) following a swathe of resignations across the group’s board amid the return of former co-founder Julian Dunkerton.
In a statement, Superdry said that among those standing down with immediate effect are chairman of the board Peter Bamford, CEO Euan Sutherland, chief financial officer Ed Barker, and chairman of the remuneration committee, Penny Hughes.
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Meanwhile, Dennis Millard, Minnow Powell, Sarah Wood, and John Smith have given three-months’ notice under their contracts and will stand down as directors with effect from 1 July 2019.
In a separate statement, the retailer said investors UBS and Investec have also resigned their positions as brokers to Superdry.
The news comes after Dunkerton was reinstated to the board as interim-CEO and former Boohoo executive chairman Peter Williams appointed as the retailer’s new chairman, following a narrow 51.15% victory.
“Whilst the board was unanimous in its view that the resolutions should be rejected and 74% of shareholders other than Julian and James have voted against, there was a narrow overall majority in favour and we accept that outcome,” Bamford said.
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By GlobalDataIn 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.”
Dunkerton has been critical of the retailer’s performance, which most recently saw it post a “subdued” the third quarter as unseasonably warm weather continued to dampen sales of its cold weather-related products.
