Superdry names Smith interim CFO

By

Nigel TAYLOR

Published
Nov 2, 2020

As Superdry’s search for a new chief financial officer continues, the UK retailer has appointed Benedict Smith to the position on an interim basis with immediate effect.

His appointment comes just three weeks after Nick Gresham unexpectedly quit after after 14 months in the post. At the time, the company said the decision to leave was Gresham’s, although it gave no reason for his departure.

Benedict steps into the CFO role with 18 years’ experience working for a wide range of both quoted and privately owned businesses, most recently serving as Interim CFO at Dennis Publishing Group. He has also held CFO roles in the retail sector at Harrods and Hunter Boots.

Gresham’s departure was a blow to chief executive and co-founder Julian Dunkerton’s plans after his CFO had “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”.

In September, Superdry reported a 19.2% decline in revenues to £704.4 million for the 52 weeks to April 25 as gross margin dropped to 53.6% from 55.1%. Its pre-tax loss grew to £166.9 million from a loss of £89.3 million a year earlier with the final loss was £174.9m.

Superdry chairman Peter Williams said of Smith's appointment: "I am delighted we have secured an Interim CFO with such extensive experience in senior finance roles in the retail sector. This is an important step in giving Superdry leadership and stability in a critical area of the business during an important time”.