SuperGroup has shrugged off the unexpected departure of chief operating officer Susanne Given.
The company behind the Superdry brand beloved by David Beckham, Kate Winslett and other celebrities, said Given would step down from the board with immediate effect and leave the group to “explore other opportunities.”
Given has been responsible for the UK retail division since joining in 2012, but SuperGroup said it had strengthened its management team and her responsibilities could now be taken over by senior executives, who will report to chief executive Euan Sutherland, the ex-Co-op boss who joined in October.
SuperGroup’s shares are up just 1p at £10.59, and Freddie George at Cantor Fitzgerald said:
[Given] was very highly thought of both internally and externally the business, but following the appointment of Euan Sutherland, the Chief Executive officer, there was clearly significant overlap in their roles. The surprise, in our view, is that she is stepping down with immediate effect.
Overnight, the other news is the company has launched its rugby ranges priced at £74.99 per shirt on-line (official World Cup Rubgy shirt £99.99), which initially looks expensive but the shirts do have an attached fleece. They are being launched now ahead of the Rugby World Cup on-line in September and, in our view, are likely to be very popular.
Retail specialist Nick Bubb said:
Shock news today that the excellent Susanne Given, who has done a great job in getting SuperGroup’s operating and distribution systems back into shape in the last three years, is leaving “with immediate effect”. It looks as if she has fallen victim to internal politics, in the wake of Euan Sutherland’s recent arrival as chief executive, as her role of chief operating officer can now be absorbed by the executive team “with the heads of UK Retail, IT and Logistics reporting directly to..Sutherland”.
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