SuperGroup co-founder and CEO quits

Chief Executive and co-founder of SuperGroup Theo Karpathios quit his position with immediate effect on Tuesday to 'take on new challenges'.

His departure has sparked off a search to find a replacement.

Karpathios, who holds 14.8% of the company's issued shared capital, said: "I would like to take this opportunity to pay tribute to my dedicated team who over the last eight years have supported my work building Superdry into an international brand. I want to wish the Group good fortune for the future as I move forward to take on new challenges.

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"As a co-founder of the business, I will always take a close interest in SuperGroup and I look forward to its continued growth and success."

Rumours of a rift between Karpathios and his fellow board members has been denied by the company, who said he left on good terms.

Chairman Peter Bamford said: "Theo, as one of the founders of SuperGroup, can take significant credit for building the company into the international brand it is today and the Board would like to thank him for his contribution to the development of SuperGroup on the international stage. We are sorry that Theo has decided to stand down from the board and we wish him well in his future endeavours."

Last month the company posted a 14.7% decline in full-year profits to £42.8m from £50.2m the year before, as forecast. Reported profit before tax rose 8.7% to £51.4m from £47.3m the year before.

Shares in the company dropped 2.45% to 427.75p by 10:38.

NR