Euan Sutherland left after shock vote to reappoint Julian Dunkerton as board director
Euan Sutherland, the Superdry chief executive who walked out of the fashion group earlier this week in protest at a boardroom coup led by its co-founder Julian Dunkerton, is to be handed a £730,000 payoff.
Sutherland, along with all the other board directors, resigned on Tuesday afternoon after a shock shareholder vote backed the reappointment of Dunkerton as a board director.
The former Superdrug and B&Q executive was paid a basic salary of £728,000 and is entitled to a year’s pay even though he quit. The payout will only be reduced if he gets a new job within a year.
If he receives the full payment, Sutherland will have been paid more than £10m in less than five years at the company.
Dunkerton, who set up the fashion label in 2003, had waged a long-running campaign to be reinstated after an unsuccessful revamp of the brand, masterminded by Sutherland. His overhaul included a push into new areas such as sports and childrenswear, but it resulted in a collapse in sales and profits.
At the meeting Dunkerton needed a simple majority of votes cast to rejoin the board as a non-executive director, and got 51.15%.