SUPERDRY BOSS WALKS OFF WITH £730,000 AFTER COUP
SUPERDRY’S former chief executive Euan Sutherland will be handed a £730,000 pay-off after he quit following a boardroom coup led by cofounder Julian Dunkerton.
Sutherland, 42, resigned this week in protest after Dunkerton, who will act as interim chief executive, won a narrow victory to return to the business he left last year.
Former Co-op boss Sutherland is entitled to a year’s salary of £728,000 even though he has stepped down. The payout will decrease if he finds another job within a year.
If Sutherland gets the full sum, he will have raked in more than £10m in less than five years at the business.
Chairman Peter Bamford, finance boss Ed Barker and remuneration committee chairman Penny Hughes also quit immediately this week. Four other directors will leave on July 1.
Dunkerton has criticised Sutherland’s pay package as the firm slashed 200 jobs in an effort to make £20m cost savings.
He plans to undo much of Sutherland’s strategy, including axing the fashion chain’s childrenswear range.