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Supergroup announces exit of 2 Directors

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Youth fashion retailer Supergroup today announced that two of its non-executive Directors have stepped down from their roles, just three months after the immediate exit of Co-Founder Theo Karpathios.

Steven Glew and Indira Thambiah have chosen to leave their positions at the end of their three-year terms in February next year following a dispute over their re-election to the board, The Guardian reported.

According to the paper, shareholders disagreed with the £350,000 annual base salary and £1.1 million in shares awarded to new Chief Operating Officer Susanne

Given and Thambiah and Glew were given low backing as a result of their roles on the audit and remuneration committees.

Commenting on their departure, Supergroup Chairman Peter Bamford said: “The board and I wish to put on record our gratitude to both Steven and Indira for their high quality input and significant contribution to the success of SuperGroup through a period which has seen fast growth and considerable change.”

The past year has proved a difficult one for the retailer which has been plagued with problems, most notably across its IT systems after an error occurredduring the implementation of new warehouse management systems aimed at speeding up the supply chain.

Glew and Thambiah will be replaced by Minnow Powell and Euan Sutherland with effect from December 1st 2012, who both have significant experience in the retail sector.

Minnow, who will also become Chairman of the Supergroup Audit Committee, previously worked at Deloitte for 25 years, was a member of the UK’s Audit Practices Board for six years and currently operates as non-executive Director of TUI Travel.

Sutherland works as Group Chief Operating Officer at Supergroup at present and is a Director of Kingfisher and has held senior posts at Matalan, Dixons and Co-op Food.

Bamford said of the appointments: “I am delighted to welcome Minnow and Euan who will, I am sure, give wise counsel and the benefit of their broad experience to the board through the next exciting phase of the Company’s development.”

Published on Friday 23 November by Editorial Assistant

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