• Home
  • News
  • People
  • Superdry announces two non-executive directors

Superdry announces two non-executive directors

By Danielle Wightman-Stone

loading...

Scroll down to read more

Superdry has appointed Dennis Millard as a senior independent director and John Smith as a non-executive director, with effect from February 1, 2018.

Millard, who is currently the chairman of Halfords and deputy chairman and senior independent director of Pets at Home, will sit on the Nomination and Remuneration Committees while Smith, who was chief operating officer of Burberry until June this year, will join the Remuneration and Audit Committees.

Peter Bamford, chairman of Supergroup, said: "I am delighted that Dennis Millard and John Smith are joining our Board. They both bring skills and experiences which will strengthen the Board and help deliver the next stage of our growth strategy and progress towards becoming a global digital brand.

“Dennis has extensive PLC board experience including roles as chairman and senior independent director of major retail companies. John has had direct experience of building global brands and developing digital capabilities in the fashion and creative industries.”

In addition, Superdry's current senior independent director, Keith Edelman, will step down from that role on February 1, but will remain a non-executive director. At the end of March, he will also step down from the audit committee.

Bamford added: “I would like to thank Keith Edelman for all of his work and contribution and for the wise counsel and support he has provided to me as chairman and to the other directors in his time as senior independent director."

Superdry also announced that it expects to complete the buy-out of the operations of its wholesale agent, Portare B.V, in January 2018 for an estimated payment of 2 million pounds. Portare will continue to be the preferred franchise partner in the territory.

The transaction will be settled in cash on completion and is anticipated to payback within two years, including the additional cost of the necessary wholesale infrastructure, as a result of reduced commission payments.

Superdry chief executive officer, Euan Sutherland, said: "The buy-out of our Netherlands agent is consistent with the development strategy we have applied to other markets and demonstrates our confidence in the future growth of the Dutch market. It is a further example of our flexible, disciplined approach to building both the Superdry brand and shareholder value in each market in which the brand is present.”

CCpage
Superdry
SuperGroup