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Superdry appoints serial board member as new chairman

Peter Sjölander is replacing Peter Williams, who announced his departure in December amid a board reshuffle

Superdry PLC - Superdry appoints serial board member as new chairman

Superdry PLC (LON:SDRY) announced it appointed Peter Sjölander as its new chairman, effective on Thursday.

Sjölander is also chairman of fashion designers Eton Shirts and Grundéns, is a board member of retailer Fiskars Group as well as an advisor to Altor Equity Partners and EQT Funds Management.

From 2007 to 2015 he was chief executive of sports equipment manufacturer Helly Hansen, where he exported the brand to global markets from its local Scandinavian origins.

He previously spent two years at Electrolux and 13 years at Nike in leadership roles across marketing, product and general management, working in the Nordics, Netherlands and US.

Sjölander is replacing Peter Williams, who is leaving after two years as a chairman amid a board reshuffle.

In December, the hoodie designer announced that founder Julian Dunkerton would become chief executive again, a role he held until 2014 when he had to relinquish the position to Euan Sutherland.

Dunkerton’s departure, which saw him walk away from the board in 2018, was blamed on a “fundamental disagreement” about design and expansion strategy.

However, he forced his way back last year and became interim boss, a role he was meant to hold until April 2021 while the board looked for a successor. He is also the firm’s largest shareholder with a 20.3% stake.

“Having completed the executive team with the appointments of our new chief financial officer and chief operating officer, and with the reset of the brand well under way, I feel now is the right time to step down,” Williams said on Monday.

Analysts at Liberum were reassured by the new appointment, which should help to support the group’s ongoing turnaround.

Sjölander has a very strong track record of driving growth and improvement in branded, digital and international operations, all of which are key to Superdry’s future," the broker commented.

"The shares remain one of our favourite value and recovery plays, with the current market cap giving little credit for the strategic and operational overhaul being implemented, which is re-igniting the brand and product offer, revamping marketing and creating a leaner, more capital-light business model fit for the future. We also expect the group to be a near-term beneficiary of easing lockdowns and store re-openings.

The stock rose 1% to 290.5p on Monday morning.

--Adds analyst comment, shares--

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Price: 276.5 GBX

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