Superdry’s former chief executive Euan Sutherland is set to receive a £730,000 payoff from the fashion brand, after his resignation at the reappointment of Julian Dunkerton.
Sutherland, who exited the fashion group earlier this week along with nearly the entire Superdry board of directors following an EGM showdown with the fashion retailer’s co-founder Dunkerton, is set to be given a year’s salary as a payoff, according to The Guardian.
The former Superdrug and B&Q executive was paid a basic salary of £728,000 at Superdry, and is entitled to the full amount despite his resignation. The payout will only be reduced if he takes on a new role within the next 12 months.
On Tuesday, Sutherland, chair Peter Bamford, chief financial officer Ed Baker and chair of the remuneration committee Penny Hughes all stood down with immediate effect following the re-election of Superdry co-founder Dunkerton to the board.
Dunkerton returned to the business he helped create in 2003 earlier this week after 51.5% of Superdry’s shareholders voted for his return at an extraordinary general meeting.
Dunkerton had been a vocal critic of Superdry’s management since he left the business in March 2018. He blamed discounting and poor product decisions for two profit warnings issued since he left and for wiping out £1.2bn of shareholder value.
He, along with co-founder James Holder, own 29% of Superdry and had been pushing for a return to the business since late last year.