Youth fashion retailer Supergroup has today announced the resignation of Co-Founder Theo Karpathios, who is to step down from the board with immediate effect.
Karpathios, who operates as CEO for the Group‘s wholesale and international arms, will step down from his role as the search for his successor gets underway.
Chairman Peter Bamford commented on the departure, saying: “Theo, as one of the founders of SuperGroup, can take significant credit for building the Company into the international brand it is today and the Board would like to thank him for his contribution to the development of SuperGroup on the international stage.
“We are sorry that Theo has decided to stand down from the Board and we wish him well in his future endeavours.”
Last month, the retailer announced a 14.7 per cent fall in underlying pre-tax profit over its full year with Bamford conceding that “the last year has clearly been a difficult one for SuperGroup.”
Karpathios thanked his team for their efforts, commenting: “I would like to take this opportunity to pay tribute to my dedicated team who over the last eight years have supported my work building Superdry into an international brand.
“I want to wish the Group good fortune for the future as I move forward to take on new challenges.
“As a co-founder of the business, I will always take a close interest in SuperGroup and I look forward to its continued growth and success.”