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Company News

UPDATE 1-Superdry finance chief Gresham makes swift exit

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LONDON, Oct 16 (Reuters) - British fashion retailer Superdry said on Friday Chief Financial Officer Nick Gresham had decided to step down with immediate effect after only 16 months in the role.

It gave no reason for his departure and said a search for a permanent replacement would start while interim arrangements are put in place. Gresham joined the company in June 2019.

“Nick joined Superdry at a time of significant change and challenge in the business,” said Chief Executive Julian Dunkerton in a statement.

“He has played an important role in putting the company in a stronger position than it was before he joined and helped to steer Superdry through the impact of the COVID pandemic,” he added.

The company, known for its hoodies and jackets featuring Japanese text, is attempting a turnaround under co-founder Dunkerton, who took back control last year. It has focused on shoring up cash, improving its range and its marketing strategy.

Sales have however been declining and the share price has lost around 70% of its value this year. The shares traded 2.7% lower at 0715 GMT on Friday.

Reporting by James Davey and Keith Weir; editing by Jason Neely and Kate Holton

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