SuperGroup (LSE: SGP) has announced thatEuan Sutherland currently a non-executive director is to become group chief executive with immediate effect.
Julian Dunkerton, the incumbent CEO, is to move to the new role of Founder and Product &Brand Director. SuperGroup is currently2.9% lower, having recovered from a slide of over 4% in early trading.
Mr Sutherland has held senior positions in a number of leading retailers, includingMatalan, Currys and Kingfisher. Most recently he was CEO of theCooperative Group, but he resigned from that post after less than year, saying that the Co-operative Groups lack ofprofessional and commercial governance made it impossibleto drive through the changes he felt were necessary.
Commenting on Mr Sutherlands appointment, SuperGroup Chairman Peter Bamford said
Euans appointment marks another important step in the continued evolution of SuperGroup. Euan has the stature, skills, experience and personal style to work in partnership with Julian and lead the team through the next stage of the Companys development.
SuperGroup says that Mr Sutherlands becoming CEO will allowJulian Dunkerton tofocus on developing the companys product ranges, and on enhancing and protecting the brand as it expandsworldwide.Mr Dunkerton himself remarkedthat
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 Euans 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.
At 999.5p at the time of writing, SuperGroups share price is down just over 13% on this time last year, compared with a 5% dip in the FTSE 100 index. However, over the longer term SuperGroup is beating the index comfortably, with a 78% rise in share price over the past five years, during which time the FTSE 100 hasrisen less than 12%.
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Jon Wallis has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.