New Superdry Board Extends Interim CEO’s Contract
UK retailer Superdry has extended the contract of interim CEO Julian Dunkerton through April 2021, after a power struggle that saw a handful of the company’s senior executives resign.
Dunkerton, who co-founded the company in 2003 and left in March 2018, is Superdry’s largest single shareholder with an 18.5% stake, according to Reuters. He was named interim CEO in April 2019 after accusing his predecessor, Euan Sutherland, of overseeing a decline in performance and shareholder value. Dunkerton narrowly won a shareholder vote that triggered the resignation of eight directors, including Sutherland.
Now installed as the company’s CEO for the next 18 months at least, Dunkerton aims to improve the company’s product assortments, increase e-Commerce profitability and restore the brand to its design-led roots.
"I'm pleased that the Board has asked me to continue in the CEO role for this important phase of the turnaround,” said Dunkerton in a statement. ”Since I have returned to the business full-time, I have been working with the team to put in place the plan that will turn around Superdry. We are already seeing early signs of progress and while this will take time, we are excited to realize the brand's full potential. As CEO, I am fully committed to working with the Board and everyone in the business to deliver this change over the months ahead."