×
82 830
Fashion Jobs
MACY'S
Asset Protection Detective, Castleton - Full Time
Permanent · Indianapolis
MACY'S
Asset Protection Detective, Flushing - Full Time
Permanent · New York
MACY'S
Asset Protection Officer, Bailey Road - Full Time (3840)
Permanent · North Jackson
MACY'S
Detective, Asset Protection
Permanent · Massapequa
MACY'S
Asset Protection Security Guard, Millenia - Full Time
Permanent · Orlando
MACY'S
Multi-Store Detective, Mall of America - Full Time
Permanent · Bloomington
MACY'S
Asset Protection Security Guard, The Market at West Bend - Part Time
Permanent · Fort Worth
MACY'S
Asset Protection Detective, Clackamas Town Center - Part Time
Permanent · Happy Valley
MACY'S
Asset Protection Detective, Dallas Galleria - Part Time
Permanent · Dallas
MACY'S
Beauty Account Coordinator - Estee Lauder
Permanent · Glendale
MACY'S
Manager, Sales And Customer Experience
Permanent · Kentwood
MACY'S
Asset Protection Detective, Northgate - Part Time
Permanent · San Rafael
MACY'S
Asset Protection Detective, Summerlin - Part Time
Permanent · Las Vegas
MACY'S
Specialist, CRM Operations
Permanent · New York
MACY'S
Asset Protection Security Guard, The Market at West Bend - Full Time
Permanent · Fort Worth
MACY'S
Asset Protection Detective, Brea - Full Time
Permanent · Brea
MACY'S
Asset Protection Security Guard, Arden Fair - Part Time
Permanent · Sacramento
MACY'S
Asset Protection Captain, Reno Meadowwood - Full Time
Permanent · Reno
MACY'S
Asset Protection Captain, Franklin Park - Full Time
Permanent · Toledo
MACY'S
Asset Protection Detective, Dulles Town Center - Part Time
Permanent · Dulles
MACY'S
Asset Protection Detective, Stonecrest - Full Time
Permanent · Lithonia
OLD NAVY
General Manager - Greenport Commons (New Store)
Permanent · Hudson
Published
Apr 2, 2019
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Superdry co-founder wins vote, takes interim CEO post

Published
Apr 2, 2019

Superdry co-founder Julian Dunkerton needed 50% of shareholders to vote in his favour to get back onto the struggling retailer's board. And on Tuesday, at a key investor meeting that he himself had called, he won his battle, having gathered 51.15% of the votes. 


Julian Dunkerton - Superdry


And Dunkerton ally Peter Williams, who used to be CEO of Selfridges and chairman of Boohoo, was also voted onto the board.

So how did the team of directors react? They quit, including CEO Euan Sutherland and Chairman Peter Bamford. The result is that Dunkerton is now interim CEO and Williams is chairman.

"We have a wonderful opportunity to take this brand and this business to the next, exciting phase of its growth and development,” Dunkerton said. “I can't wait to get started and to work with the directors, the talented staff and our partners to deliver the future of Superdry. The hard work starts now.”

The company’s second biggest shareholder Aberdeen Asset Management, had backed Superdry management, but with two major shareholders voting for Dunkerton and he and co-founder James Holder controlling a large chunk of the shares, it wasn’t enough. Outgoing chairman Peter Bamford said: “Whilst the board was unanimous in its view that the resolutions should be rejected and 74% of shareholders other than Julian and [co-founder] James [Holder] have voted against, there was a narrow overall majority in favour and we accept that outcome.”

It's a comeback that few thought would actually happen several months ago with the Superdry board, its chairman and its CEO, seeming to have the backing of shareholders to continue their own strategy. It was a strategy that had been heavily criticised by Dunkerton who is the largest shareholder in the company, although his holding of just under 19% meant he needed to convince others of his arguments in order to fight his way back.

Dunkerton had quit the firm in 2018 due to the strategy disagreements and in recent days, the dispute between the co-founder and the executive team had become even more acrimonious with a war of words bringing in not only who was to blame for the firm’s problems but Dunkerton’s management style.

It's difficult to know who has the right strategy in this dispute. Dunkerton believes the company should make the most of what made it such a huge success story in the first place and offer a wide product range. Meanwhile Sutherland has been cutting SKUs while trying to draw in new customers with initiatives such as kidswear and less obvious branding on the clothes. The kidswear move may now be cancelled.

Regardless of those strategies, the firm has struggled in a tough trading environment and has encountered difficulties due to its heavy reliance on cold weather clothing. This was a problem during last year’s very hot summer and during the relatively mild winter.

This has driven the share price down sharply from a height of around £20 in January last year to £5 each at the moment. And the share price didn't seem to get a boost from the results of Tuesday’s vote. It closed the day down almost 9% compared to Monday’s closing price.

Copyright © 2021 FashionNetwork.com All rights reserved.