The former Co-op boss who famously quit the mutual after just 10 months, has become the unlikely chief executive of the Superdry fashion brand.
Euan Sutherland could pocket £11m over the next three years, including a £675,000 salary, a bonus of up to £1m and shares worth up to three times his basic pay.
He replaces Julian Dunkerton, the founder and former boss who built Supergroup from a market stall in Cheltenham nearly 30 years ago.
Mr Dunkerton, who will take up the newly created role of product and brand director, said: “It’s a bit like a football team and this is really strengthening that team to allow us to add value where it’s most needed.
“I think you’ve got to look to the company as being more important than yourself and the right decision is made at the right time. Timing is essential in any business.
“I’m getting more involved in the whole process of developing new lines with [co-founder] James [Holder] and that seems the right thing to do to continue that process with more engagement with the creative aspect of retail.”
Mr Sutherland, who had been a non-executive at Supergroup for two years, said he wants to use his international experience to expand overseas. “I had approaches from several places with interesting jobs, but this was always top of my list,” he said.
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The businessman, who has previously worked for Superdrug, B&Q and Screwfix, added that the experience at Co-op, where he resigned after clashing with the board over reforms, had not knocked his confidence.
He said: “I think that was an interesting and learning experience and ultimately we did save the Co-op group. The experience hasn’t knocked my confidence. You take every challenge as it comes.”
During his time at Co-op he revealed the £1.5bn black hole in its banks accounts, which led to the near-collapse of the company. He also dealt with the fallout from the Co-op Bank’s chairman Paul Flowers – who was later convicted for possessing Class A drugs.
His resignation came after his £3.7m pay packet was leaked to a newspaper while he was trying to reform the Co-op – leading him to describe the mutual as “ungovernable”.Reuse content