Superdry hires new finance boss as founder’s revamp gathers pace
Shares in the clothing company jumped following the news.
Superdry has appointed a new finance boss after the return of the company’s founder triggered a mass exodus of the board last month.
Nick Gresham, current chief financial officer at cycling retailer Wiggle, will join the clothing brand as interim CFO under founder Julian Dunkerton.
Mr Dunkerton stormed his way back on to the board last month, alongside new chairman Peter Williams, in a shareholder vote.
The result prompted Superdry directors, including former chief executive Euan Sutherland, to resign en masse, marking the end of a long-running boardroom spat with Mr Dunkerton.
The group’s current chief financial officer, Ed Baker, was among those who resigned, though he is currently serving his notice period and will assist with the handover to Mr Gresham.
Mr Williams said the appointment of a new CFO was an important step in rebuilding the board.
Mr Gresham has previously been CFO at Oak Furnitureland and Connect Group, and has also worked in finance roles at Homebase and Debenhams.
Earlier this month, Superdry issued a profit warning after sales crashed in the final quarter, but its new management said it would push ahead with a shake-up of the business.
Mr Dunkerton has implemented a raft of changes, including increasing the range available online, putting more stock into stores and reducing price-slashing promotions.
Shares in the company were up 12.5% at lunchtime on Wednesday, as City analysts said the new appointment was a promising sign.
“It will take time to restore Superdry to being the design-led business we all know it can be, but we are impressed by how swiftly decisions are being made,” analysts at Liberum said.
They added: “There are likely to be more hires over the next year as the board and senior teams are ‘beefed up’ as the new chairman focuses on building a high-calibre team to support the growth of a digital, design-led business with truly huge international opportunity.”