Fashion firm SuperGroup (LON:SGP) has appointed non-exec and former Co-Op boss Euan Sutherland as its new chief executive.
Having initially welcomed the announcement, SuperGroup shares eased lower along with the rest of the market.
Sutherland quit the mutual group earlier this year saying it was ungovernable, but prior to that worked extensively in the retail sector including stints as CEO of Kingfisher UK, which included B&Q and Screwfix, Superdrug and Dixons.
Julian Dunkerton, SuperGroup’s founder and current chief executive, will move to the new position of Founder and Product and Brand Director.
Sutherland, who has been on the board of the fashion group for the past two years, takes the executive reins on a salary of £675,000 per year.
He said: "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.
“The business is at an exciting stage of its development and has numerous opportunities for growth.
“Julian and I work well together and have a shared ambition to succeed with the global roll out of the Superdry brand."