SuperGroup share price slides as former Co-op boss Euan Sutherland replaces Julian Dunkerton as chief executive
The former boss of The Co-operative Group, who jumped ship from the troubled company he once called "ungovernable" in March after only 10 months in charge, has been named the new chief executive of Supergroup.
Euan Sutherland will replace Julian Dunkerton, the man who founded the group’s fashion brand SuperDry, who becomes product and brand director.
SuperGroup's share price slid as much as four per cent in early trading this morning.
Dunkerton said: "With the number of opportunities SuperGroup has available and the increasing complexity of the business, now is the right time to bring in a CEO of Euan's calibre. Having worked with him on the board for two years, I am certain our skills will be complementary and look forward to delivering the continued growth of the Superdry brand together."
The group has pursued overseas expansion, pushing through new store openings and franchises across Europe and Asia, indicating a need for a broader leadership.
Sutherland is already familiar with the brand, having been a non-executive director for the last two years. Before his stint at the Co-op he was chief exec of DIY retail group Kingfisher and prior to that, headed up AS Watson UK, owner of Superdrug and The Perfume Shop.
He takes up the new role today with a £675,000 salary and up to a 150 per cent performance related bonus in cash and shares.
Sutherland said: "SuperGroup is a great business with a strong brand and I am truly delighted to be taking on the challenge of delivering its growth potential. The business is at an exciting stage of its development and has numerous opportunities for growth. I admire what the business has achieved and am excited about being part of the team that will deliver the strategy. Julian and I work well together and have a shared ambition to succeed with the global roll out of the Superdry brand."