Superdry in chaos as co-founder gets back in office
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UK clothing firm Superdry’s board of directors has resigned following the re-election of the brand’s co-founder Julian Dunkerton to the board.
Dunkerton was made interim CEO following the immediate resignation of the four board directors and notice given by four non-executive directors in protest of the reappointment, blaming the former board member for the firm’s poor financial performance. Superdry brokers UBS and Investec have also resigned.
Dunkerton has been publicly critical in recent months of the firm’s management following his departure a year ago.
The co-founder was reinstated after a slim majority vote of 50.75 per cent. Former Boohoo and Selfridge’s boss Peter Williams has been appointed the firm’s new chairman based on a 50.74 per cent vote.
“We are very pleased to be joining the board of this great British company,” said the two appointees in a joint statement. “We look forward to rebuilding the Superdry brand and the business.”
Questions & Answers
Q.Why did the Superdry board of directors resign?
Why did the Superdry board of directors resign?
The board resigned immediately following the re-election of co-founder Julian Dunkerton. Four directors resigned in protest of his reappointment, blaming him for the firm’s poor financial performance.
Q.Which financial institutions are no longer working with Superdry?
Which financial institutions are no longer working with Superdry?
Superdry's brokers, UBS and Investec, have both resigned following the recent changes. This indicates a significant shake-up in the company's financial relationships after the co-founder's return.
Q.What was the margin of Julian Dunkerton's re-election vote?
What was the margin of Julian Dunkerton's re-election vote?
Julian Dunkerton was reinstated to the board after securing a slim majority vote of 50.75 per cent. This indicates a relatively divided opinion among voters regarding his return.
Q.Who is the new chairman of Superdry?
Who is the new chairman of Superdry?
Peter Williams, who previously worked at Boohoo and Selfridge’s, has been appointed as the firm's new chairman. His appointment was approved by a 50.74 per cent vote.
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