Superdry chairman 'to exit by year-end'
today Feb 27, 2019
Superdry, and the disagreements between its current and former managers, are rarely out of the news these days, and that situation doesn't look likely to change any time soon with the latest revelation being that chairman Peter Bamford should be stepping down by the end of year.
The chairman, who used to run telecommunications giant Vodafone UK, has reportedly indicated that he will quit before January. That timescale would have seen him completing nine years on the company’s board, which corporate governance rules lay down as the limit.
Times newspapers reported his intentions, although there appears to have been no confirmation from the company of his departure decision or its actual timing.
Assuming he does leave, it would place heavier pressure on CEO Euan Sutherland who is trying to steer the company through a difficult time and get it back into recovery mode. Bamford has offered continuous support for Sutherland’s strategy of cutting the number of items available and diversifying into new sectors, even while co-founders Julian Dunkerton and James Holder, have criticised the leadership team and called for a change of direction.
Dunkerton has also been speaking to other shareholders to try to muster support for a return to the business that he quit a year ago. Any incoming chairman might be seen as having less authority than Bamford and could even have his own views on strategy that don’t mesh completely with Sutherland’s.
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