The founder of Superdry, Julian Dunkerton, has won a narrow victory to be reinstated to the company Board.
The Superdry Board has been vocal that, for them, Mr Dunkerton is not welcome.
Previously, on 11th March 2019, the Board threatened to resign or not seek re-election if Julian Dunkerton was reinstated. Dunkteron won today’s shareholder vote by a slim margin, with 51.15% in favour of his return. The Board has called an emergency meeting this afternoon.
Peter Bamford, Chairman of Superdry, said: “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.”
Julian Dunkerton left Superdry a year ago but has since blamed the company’s management for poor sales performance. Since his departure, share prices have slid by 65%, but there is disagreement between Mr Dunkerton and his successor, Euan Sutherland, as to who is to blame.
Julian Dunkerton still owns 18% of Superdry.
Two major institutional shareholders, Investec and Schroders, backed Mr Dunkerton’s return. Together, the two own 10% of Superdry shares.
The second largest shareholder, Aberdeen Asset Management, sided with Superdry management.