Euan Sutherland former chief executive at the Co-operative Group, becomes the new CEO at SuperGroup corporation.
Sutherland was only at Co-op for 10 months, after walking out of the company following details of his £3.66 million pay deal being published in a Sunday newspaper.
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.”
He will be replacing Julian Dunkerton, who built up the SuperGroup from a market stall in Cheltenham. Dunkerton will be stepping down after running the company since 1985.
2003 saw a pinnacle moment for Dunkerton, as the company developed the famous brand ‘Superdry.‘ Further to that, the company went public in 2010. The business now generates annual revenues of £430m and made pre-tax profits of £45m in its last financial year, with a market value of about £1 billion.
Sutherland who has been a non-executive director at the company for two years will be taking over immediately. He will receive a base salary of £675,000, with an annual bonus of up to 150% of the salary.
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 SuperGroup has successfully launched overseas in both Europe and Asia and with plans to launch the Superdry Snow range in November this year, the need for a broader leadership amongst the company is evident. The SuperGroup said the appointment of Euan Sutherland will bring a “wealth of experience in international and online expansion.”
Julian Dunkerton is not leaving the company; his new title is ‘Founder and Brand Director‘ which will allow him to focus on developing and focussing on the company‘s clothing.
Peter Bamford, Supergroup‘s chairman, said: “Euan‘s appointment marks another important step in the continued evolution of SuperGroup. 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.”
SuperGroup is scheduled to give its next trading update on November 6.