// Superdry’s former CEO Euan Sutherland will receive a £730,000 payoff
// Sutherland resigned following Julian Dunkerton’s return to the board this week
Superdry has revealed that its former chief executive Euan Sutherland will receive a £730,000 payoff following his resignation this week.
Sutherland, along with the rest of the board of directors, resigned with immediate effect after co-founder Julian Dunkerton narrowly won a shareholder vote to return to the board earlier this week.
According to The Guardian, Sutherland – who has also held executive roles in Superdrug and B&Q – was paid £728,000 annually at Superdry and is now entitled to a year’s salary despite his immediate resignation.
However, the pay-out will be reduced if Sutherland takes on another role within the next year.
Superdry chairman Peter Bamford, chief financial officer Ed Baker and chair of the remuneration committee Penny Hughes were among the other big names to have stood down with immediate effect on Tuesday following Dunkerton’s return.
Last month, Superdry urged shareholders to vote against Dunkerton, citing it would be “extremely damaging to the company and its prospects”.
Dunkerton on the other hand, has not been shy of voicing his opinion on Superdry’s management team since he left in March last year.
He blamed the fashion retailer’s decline on heavy discounting and poor product decisions following two profit warnings.