Former Co-op boss to become Supergroup chief executive, shares drop
The former chief executive of the troubled Co-operative group is to become the new boss of fashion retailer Supergroup.
Superdry
7.72p
16:35 25/04/24
Euan Sutherland stepped down from the Co-op after expressing concern about how the mutual retailer could be turned around following the discovery of a £1.5bn black hole in the accounts of its banking arm.
He is to replace Supergroup founder Julian Dunkerton as chief executive immediately.
Dunkerton will move to the newly created role of founder and product and brand director of the group, which owns the iconic Superdry brand.
Supergroup said Sutherland's experience in international and online expansion would be crucial in expanding the company, where he has been a non-executive director for two years.
It added that the move would allow Dunkerton to focus more on developing the group's product ranges and "enhancing and protecting the brand as it increases its global presence."
Supergroup itself has faced challenges including an accounting gaffe in 2012 that forced it to issue a third profit warning in less than a year.
Chairman Peter Bamford said: "Euan has the stature, skills, experience and personal style to work in partnership with Julian and lead the team through the next stage of the company's development."
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."
Shares in Supergroup fell 43p or 4.2% to 986p in early trading in London.