The former chief executive of Superdry is reportedly in line for a £1 million payoff after leaving the retailer following a boardroom showdown earlier this year. Euan Sutherland will receive a termination package worth £867,522 in pay and another £138,000 in share awards, according to the retailer’s annual report.
Sutherland had resigned from the British retailer on April 2 with full pay gardening leave for a year. However, reports earlier in the year indicate that his pay-out would be reduced if he took on another role within the next year.
Sutherland’s resignation, along with the rest of the board of directors, was prompted after co-founder Julian Dunkerton narrowly won a shareholder vote to return to the board. The boardroom showdown came about after a headline-grabbing campaign led by Dunkerton to return to the board.
In the months leading up to it, he was shy of voicing his opinion on Superdry’s now-former management team since he originally left in March last year. Dunkerton blamed the fashion retailer’s decline on heavy discounting and poor product decisions in light of profit warnings and poor trading updates. However, Sutherland’s team placed the blame on Dunkerton for Superdry’s problems, saying they stemmed back to when he was still on the board.
