Despite the Board saying they didn’t want him back, Julian Dunkerton has won his battle to return to the board of Superdry, the global retail brand he co-created.
The Board had previously indicated that, in the event the resolutions to elect Dunkerton and Peter Williams as directors of the company were passed, the directors would either resign or not seek re-election.
A statement issued by Superdry after the meeting this morning, said: “Mindful of their responsibilities, individually and collectively, as custodians of the business and to the broader stakeholders of the Company, the Board, including Julian Dunkerton and Peter Williams will meet immediately to assist this process of change.”
It was close. Dunkerton won just over 50 per cent of the votes cast.
After the meeting, Peter Bamford, Chairman of Superdry, said: “Whilst the Board was unanimous in its view that the resolutions should be rejected and 74% of shareholders other than Julian and James have voted against, there was a narrow overall majority in favour and we accept that outcome.”
There have been a raft of resignations.Peter Bamford, Chairman of the Board, Euan Sutherland, Chief Executive Officer, Ed Barker, Chief Financial Officer, and Penny Hughes, Chairman of the Remuneration Committee, have resigned from the Board and will stand down with immediate effect;
Dennis Millard, Minnow Powell, Sarah Wood and John Smith have given three-months’ notice under their contracts and will stand down as directors with effect from 1 July 2019.
Julian Dunkerton, who along with Holder owns 29 per cent of the business, has said that he cannot overstate the importance of Superdry to him and co-founder James Holder.
In a previous statement he said: “In less than a year, all Superdry shareholders have experienced a 70 per cent fall in the share price and seen over £1.2 billion of value destroyed. Urgent action is required to address this alarming decline. By bolstering the Board and returning the two co-founders to the business (James Holder would return as a consultant to the business, focused on design), Superdry would return to be a design-led business: they would reinvigorate the DNA of the brand and get the business back on track and achieving its great potential.”