Superdry slumps as founder's return sparks board revolt
Julian Dunkerton was voted back on the board and named CEO after backing from shareholders looking for the group's revival
Bengaluru — Shares in Superdry fell more than 11% on Wednesday after founder Julian Dunkerton narrowly forced his way back into the company, which sparked the exit of most of its board members, including top executives. Dunkerton, the former boss of Superdry, on Tuesday was voted back on the board by a slim margin and hours later was named interim CEO after winning the backing of shareholders looking for a revival of the fashion group’s fortunes. The move did not sit well with most of Superdry’s board, which had opposed his comeback. CEO Euan Sutherland, who has been at the helm for five years, resigned immediately. Dunkerton, who owns 18.4% of the equity, quit a year ago after a row over strategy. He takes issue in particular with Superdry’s product design and internet plans. Analysts said the resignations raised fears of more departures as the company deals with a share price that has dropped 64% over the past year following several profit warnings, the latest in December. “We wou...
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