Superdry bosses quit as founder Julian Dunkerton wins investor vote

Superdry co-founder Julian Dunkerton is back in control of the struggling retailer after narrowly winning a bitter battle to be reinstated to the board.

Just hours after it was confirmed he had won 51% of investor votes, Superdry announced its chief executive Euan Sutherland and chairman Peter Bamford had quit as part of a wider management exodus.

Such a move had been threatened in advance of the voting that also resulted in Mr Dunkerton succeeding in his bid to see Peter Williams, chairman of online fashion retailer Boohoo, elected as a director.

After the stock market had closed, Superdry said Mr Dunkerton had been appointed interim chief executive and Mr Williams chairman of the board.

The pair said in a joint statement: "We are very pleased to be joining the board of this great British company. We look forward to rebuilding the Superdry brand and the business."

Mr Dunkerton, who stepped away from Superdry last year, had been sharply critical of the company's strategy. A series of profit warnings has seen its share price tumble by 64% over the past year.

Mr Dunkerton, who retains an 18% stake in the Cheltenham-based business, mounted a campaign to return as a director.

He told Sky News last December that his return was "the only option" left to save Superdry and more recently in a letter to shareholders he said current management, led by Mr Sutherland, had presided over "catastrophic decline".

Mr Dunkerton criticised Superdry's online strategy as well as its plans for a children's clothing range.

The board had opposed his return, warning that it would be highly disruptive.

The battle descended into a "dirty tricks" row this week as lawyers for Mr Dunkerton warned the board against making defamatory statements about him in a last-ditch bid to persuade a shareholder to vote in its favour.

Major City investors were divided about who to support but results of Tuesday's shareholder meeting showed Mr Dunkerton had done just enough to win.

He also had the backing of James Holder, who co-founded Superdry with him in 2003 before it floated on the London Stock Exchange seven years later.

Mr Bamford said just after the investor vote result was known: "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."

Shares closed the day 8.8% down.