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SuperGroup co-founder exits Tuesday, 14th August 2012
Image courtesy of Superdry
SuperGroup has announced that co-founder Theo Karpathios has quit to “take on new challenges”.
Karpathios, who owns a 14.8 per cent stake in the firm, has been with the retailer since 2005, as chief executive officer, wholesale and international. Following his resignation, Karpathios will step down from the board with immediate effect.
"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," Karpathios said in a statement, in light of which it is thought the businessman will hold on to his stake in the business.
The announcement is the latest in a string of bad news for the young fashion retailing group, who has been forced to issue three profit warnings and admit to a series of back-of-house mistakes in recent quarters.
A spokeswoman questioned by press said Karpathios had left on good terms with the company, and will depart with his contractual entitlement of a year’s basic salary of £300,000.
The search for his successor is now underway, according to the retailer.