Superdry boss Julian Dunkerton is seeking to rebuild the retailer’s board and has kicked off the recruitment process to hire a new chair and two independent non-executive directors.
The move comes as the company’s board of non-executive directors stepped down from their roles following Superdry’s exit from the London Stock Exchange.
The executive team has also been depleted with Retail Week reporting that chief technology officer Matt Horwood stepped down from his role earlier in the year, joining a host of other departures, including chief financial officer Shaun Wills and chief commercial officer Craig McGregor.
Dunkerton is currently serving as interim chair of Superdry, while interim chief financial officer Giles David and chief operating officer Shaun Packe have also been appointed to the board as executive directors.
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The Superdry founder has started his rebuild process after the retailer received approval from its creditors, shareholders and the court last month for its turnaround programme. The plan involves imposing rent reductions across 36 UK stores, 12 of which will switch to nil rent, a £10m equity raise underwritten by Dunkerton, and delisting from the London Stock Exchange.
The retailer’s shares were admitted to trade on the JP Jenkins share dealing platform, following its last day of trading on the London Stock Exchange on 12 July.
Dunkerton has vowed that the struggling retailer that observers claim has become a “dad brand” will become cool again.
He told The Telegraph that the next few months will be about “reinvention” as he looks to reverse its falling sales and widening losses.
Measures the retailer has taken include more than halving its seasonal clothing range from 4,000 pieces to 1,600 as it moves away from selling lines of heavily branded clothing.
The retailer will also relaunch its website in Ireland later this month and its UK site in September, after it outsourced web operations to Salesforce.
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