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Superdry firm appoints Sutherland as new CEO(Guardian (UK) Via Acquire Media NewsEdge) Euan Sutherland, who walked out of the Co-operative Group branding it "ungovernable" after 10 months in charge, has found a new job as chief executive of SuperGroup, the company behind the Superdry fashion brand. Sutherland, who has been a SuperGroup non-executive director for two years, will take over immediately. Julian Dunkerton, the chief executive who launched the company from its beginnings on a Cheltenham market stall, will take on the title of founder and product brand director. SuperGroup said the appointment would allow Dunkerton and chief designer James Holder more time to dream up new products and protect the brand. Sutherland, whose retail experience includes roles at home improvement chain B&Q, electricals group Dixons and Coca-Cola, has been a non-executive director at SuperGroup for two years and will be charged with overseeing its international expansion. The retailer has 135 stores in Britain and Europe and sells its hooded tops, jackets, check shirts and jogging bottoms in more than 100 countries as well as online and through other outlets. The firm has said it has expansion plans "everywhere", with the main focus of a European rollout on Germany. The US and China also offer big potential. Rapid expansion has caused the company problems in the past. Having floated on the stockmarket at 500p in 2010, its share price roared up to pounds 17.73 in under a year - only to crash in 2012 as it put out three profit warnings in six months, with one partly blamed on "arithmetic errors" in forecasts. Yesterday the shares closed down 5% at 975p. "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," Dunkerton said. "Really it is on the creative side that I feel I add best value. So to deliver the huge international opportunity that we have, this was the most logical decision that I could possibly make, personally and for the business." Sutherland quit the Co-op in March, after the Observer published details of his pounds 6.6m pay deal for 2013 and 2014. He did not turn up for work after the story appeared but launched a blistering attack on "an individual or individuals" trying to undermine him on the Co-op's Facebook page . Lord Myners, who wrote a report on the Co-op's governance, defended Sutherland from his critics within the Co-op and said his sudden departure after rescuing the group was a tragedy. At SuperGroup, Sutherland will receive an annual salary of pounds 675,000 plus extras that could take his first-year earnings to pounds 3.7m. 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." Captions: Euan Sutherland, SuperGroup's new chief executive (left), with the company founder, Julian Dunkerton (c) 2014 Guardian Newspapers Limited. |