Superdry founder suffers another setback in comeback bid

Superdry co-founder Julian Dunkerton has suffered another blow in his bid to return to the fashion chain's board.

Superdry founder suffers another setback in comeback bid

Superdry co-founder Julian Dunkerton has suffered another blow in his bid to return to the fashion chain's board.

Investor advisory firm PIRC on Wednesday joined Institutional Shareholder Services (ISS) in recommending shareholders reject Mr Dunkerton's attempt to regain a seat at the top table.

It argued that his election, along with that of Boohoo chairman Peter Williams, would erode the level of board independence as Mr Dunkerton is a major shareholder in the firm.

Earlier this month, Mr Dunkerton officially demanded an investor meeting as part of his efforts to stage a comeback, having left the board last year.

He is acting with co-founder James Holder and together the pair own 29% of Superdry.

The duo said on Wednesday that they were disappointed by the latest developments.

Responding to the ISS, the pair said in a statement: "Naturally we are disappointed by the ISS recommendation. However, we acknowledge it is extremely rare for ISS to support shareholders who propose changes in corporate strategies."

They added: "The strategic and leadership failings at Superdry remain clear and the financial and operational impacts are obvious and profound: we know how to fix these issues.

We continue to engage productively with shareholders, and we are hugely encouraged by the positive response to our proposals.

For its part, Superdry has said Mr Dunkerton's return would be "extremely damaging" to company's prospects.

It added that his strategy would "fail", be "divisive" and reintroduce a leadership style that does not fit within the "open-minded collaborative culture, values and operation of the company".

The shareholder meeting to decide whether to reinstall Mr Dunkerton on the board will take place on April 2, and the board is recommending that investors vote against his return.

Superdry is also advising investors to reject Mr Williams' appointment.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited