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Superdry Shares Crash 9.14% After CFO Steps Down

Simon Mugo trader
Updated 16 Oct 2020

Practice Stock Trading
Superdry store

Shares of Superdry PLC (LON: SDRY) today fell 9.14% after the company’s chief financial officer stepped down from his post earlier today having been hired just 16 months ago in June 2019.

The British fashion brand said that Nick Gresham, the CFO had stepped down with immediate effect and that a search for his replacement has started.

The company did not explain why the CFO left, although it had reported a massive full-year pretax loss of £166.9 million for the year ended April 25, in September.

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

Dunkerton appointed Gresham after reclaiming his position as the retailer’s CEO last year and ousting the entire board in a bid to revitalise the loss-making company by cutting costs and taking control of production.

Superdry share price

Tradingview chart of Superdry share price 16102020

Superdry shares today fell 9.14% to trade at 137.1p having dropped from yesterday’s closing price of 150.9p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading