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SuperGroup Founder To Focus On Brand, Product As Sutherland Becomes CEO(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Fashion retailer SuperGroup PLC Wednesday said it has appointed Non-Executive Director Euan Sutherland as its new chief executive, with founder Julian Dunkerton moving to the newly created role of founder and product and brand director. In a statement, the company said the change will allow Dunkerton, along with designer James Holder, to focus on developing its product ranges and "enhancing and protecting the brand" as it expands round the world. "Euan has held senior positions in a number of leading retailers and has a wealth of experience in international and online expansion. He will be instrumental in delivering the growth plans of the company and leading through the complexity that brings. Euan has gained an in-depth understanding of the business, its strategy and its culture during the two years he has been a non-executive director," SuperGroup 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," Dunkerton said in the statement. Sutherland was CEO of the Co-op Group from 2013 to 2014, leading the recapitalisation of the Co-op Bank after it got into financial difficulties. He was previously head of Kingfisher UK, overseeing the company's B&Q, Screwfix and TradePoint units, and was rewarded with promotion to group chief operating officer at Kingfisher PLC. He was head of Superdrug owner AS Watson UK between 2004 and 2008, and previously held senior positions at Mars, Coca-Cola, Dixons and Matalan. The new SuperGroup CEO will be paid a base salary of GBP675,000 a year, and will get an annual bonus of between nothing and 150% of salary depending on performance. Up to 100% will be paid in cash and the rest via a restricted share plan vesting over three years. He will also get a performance share plan award on appointment equivalent to three times annual salary, subject to performance and continued employment at the end of a three year performance and vesting period. He'll also get further annual awards of up to the equivalent of two times annual salary, under similar performance conditions, the company said, adding that all the bonuses are subject to malus and clawback provisions. Dunkerton and a former business partner founded Cult Clothing in 1985, and in 2003 he joined forces with designer James Holder, who had previously created the Bench brand, to create Superdry, SuperGroup's own clothing brand. Copyright 2014 Alliance News Limited. All Rights Reserved. |