SuperGroup Share News (SGP)

In four months under the whip of new chief executive Euan Sutherland, Supergroup has parted company with half the executives on the board after chief financial officer Shaun Wills was issued marching orders on Wednesday.Wills' departure, which was branded "bizarre" and a "genuine shock", comes just two weeks after operations director Susanne Given fell victim to internal politics and was eased out in another decision that shocked the City.The high-street clothing designer and retailer said Wills, a 22-year retail veteran at Habitat, Fat Face, New Look and Debenhams, was asked to step down after it was discovered he had been "made the subject of a personal bankruptcy order on 10 February".The FTSE 250 company, which is known for its Superdry clothing brand, added that the banruptcy was "a personal matter" and was "wholly unrelated to the financial position of the company", clarifying that group trading remained in line with previous guidance.In a quick piece of hiring work, Sutherland has appointed Nick Wharton, who himself suprising resigned as CEO of homeware retailer Dunelm last September, as interim Chief Financial Officer with immediate effect from Wednesday.Just 12 days before, Supergroup surprised with news of the departure of chief operating officer Given, apparently a victim of internal politics despite her impressive job in improving operating and distribution systems over the previous thee years.In November, Hans Schmitt, managing director for international and wholesale, was replaced after leaving to take the role of executive vice president of global sales at Diesel.Sutherland, former CEO of the Co-op, Kingfisher Plc and Superdrug owner AS Watson, started in the role at Supegroup on 22 October, as founder Julian Dunkerton stepped back to focus on a role as product and brand director.The only executives on the board of the directors still holding onto their seats since Sutherland arrived are Dunkerton and fellow founder James Holder, brand and design director.Independent analyst Nick Bubb, who was surprised by the Given departure, said Wills' was another "genuine shock".Freddie George at Cantor said it was "a bizarre statement, in our view" but viewed Wharton as a "safe pair of hands".Yet, with the company having reporting stronger than expected trading over Christmas, he reiterated his 'buy' recommendation and target price of 1,200p, saying the clothing ranges have been visibly improved since the beginning of the year and "we believe there is a growing likelihood that the company will start paying dividends in the current year in view of the company's significant cash balance".