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Superdry appoints interim CFO

Alice Ierace
22 May 2019

British fashion brand Superdry has announced the appointment of Nick Gresham as its new Interim Chief Financial Officer.

Currently chief financial officer of the pureplay online sports and cycling retailer Wiggle, Nick Gresham has previously held chief financial officer roles at Oak Furnitureland and Connect Group Plc. He has a long track record of finance roles in retail environments including Homebase, Home Retail Group, GUS and Debenhams.

Gresham will commence his role as Interim CFO and be appointed as a director of Superdry on 3 June 2019. He will succeed Ed Barker, who resigned on 2 April 2019, following the return of the brand's co-founder Julian Dunkerton to the business following a dramatic shareholder vote last month.

Barker is currently serving out his notice period. Gresham and Barker will focus on "a smooth and orderly handover of responsibilities ahead of the Company's preliminary results scheduled for 4 July 2019".

Peter Williams, Chairman of the Board of Superdry, said: "I am delighted to have secured an interim CFO of the calibre of Nick, who has extensive experience in senior finance roles across the retail sector. This is an important step for Superdry as we continue to focus on rebuilding the board and putting the right leadership and corporate governance structure in place."

Earlier this month, Superdry issued a profit warning after sales crashed in the final quarter, but its new management said it would push ahead with a shake-up of the business.

Dunkerton has implemented a raft of changes, including increasing the range available online, putting more stock into stores and reducing price-slashing promotions.

Shares in the company were up 12.5% at lunchtime on Wednesday, as City analysts said the new appointment was a promising sign.

“It will take time to restore Superdry to being the design-led business we all know it can be, but we are impressed by how swiftly decisions are being made,” analysts at Liberum said.

They added: “There are likely to be more hires over the next year as the board and senior teams are ‘beefed up’ as the new chairman focuses on building a high-calibre team to support the growth of a digital, design-led business with truly huge international opportunity.”

Additional reporting: The Press Association.

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