SuperGroup suffers share price drop after COO’s sudden resignation
2 min read
13 February 2015
Only four months after founder Julian Dunkerton stepped down of the clothing brand he set up, SuperGroup has suffered another executive casualty in the form of COO Susanne Given.
Having joined SuperGroup in April 2012 from her role as buying director at John Lewis, the official reasoning for her departure has been described as “in order to explore other opportunities”.
The stock market reacted to the move with a near four per cent drop in share price after the business had experienced a strong second half of January.
SuperGroup, which combines vintage US styling with Japanse-style graphics in its clothing ranges, will not replacing Given and will instead be absorbing her responsibilities into the remaining executive team.
Commenting on the departure, SuperGroup chairman Peter Bamford said: “On behalf of the board, I would like to thank Susanne for her significant contribution to the growth and development of SuperGroup.
“Susanne played a crucial role in leading key investment programmes which have upgraded the infrastructure and processes of our business and were recently tested to the full over the peak Christmas trading period.”
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The hiring of Given in April 2012 immediately followed a profit warning from SuperGroup, two years after joining the London Stock Exchange. After suffering a 18 per cent fall in share price, the company grew its value by five times over the next two years.
Its last trading statement, released on 14 January and reflecting the period between 26 October and 10 January, saw retail sales increase by 17.8 per cent. Its ecommerce platform was said to have experienced a “record trading period”.
Speaking then, Euan Sutherland, who took over as CEO from Dunkerton three months before, said “I am pleased to report a very strong set of results over the peak trading period. Our upgraded infrastructure was tested to the full by Black Friday and in the busy lead up to Christmas and has proven to be resilient and effective.
“A record performance from ecommerce combined with strong store operations led to what became a truly multi-channel Christmas.”