Euan Sutherland is being given a golden handshake of almost 200,000 shares by SuperGroup, following his appointment to the role of chief executive earlier today.
He will take over from Julian Dunkerton, who founded the group’s fashion brand SuperDry. Dunkerton has been appointed to the role of product and brand director.
Under the company's Performance Share Plan, Sutherland will receive 193,965 SuperGroup shares. This is on top of a £675,000 salary and up to a 150 per cent performance related bonus in cash and shares.
It is a “conditional” award, however, which will only be made available to Sutherland after he has been with the company for three financial years. This means if he leaves after just ten months, as he did at the Co-operative Group in March, the award will be invalid.
Sutherland said he was looking forward to joining the company in his announcement this morning. "SuperGroup is a great business with a strong brand and I am truly delighted to be taking on the challenge of delivering its growth potential," he said.
“The business is at an exciting stage of its development and has numerous opportunities for growth. I admire what the business has achieved and am excited about being part of the team that will deliver the strategy. Julian and I work well together and have a shared ambition to succeed with the global roll out of the Superdry brand."
The news of Sutherland's appointment resulted in share price going down by as much as four per cent in morning trading. It closed at £9.75 this afternoon – a 5.3 per cent decline from yesterday.