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Euan Sutherland
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Euan Angus Sutherland (born February 1969) is a Scottish businessman who was the Chief Executive of SuperGroup plc and Saga plc.[2] He served as the chief executive of Saga from January 2020 to November 2023.[2]
Key Information
Career
[edit]After training in marketing with Coca-Cola, he worked in marketing a retail management positions with Mars Confectionery, Matalan, Currys and Superdrug. He then joined Kingfisher plc, rising to the position of chief operating officer.[3]
Co-operative Group
[edit]Touted as a replacement for Kingfisher CEO Ian Cheshire, he joined the Co-operative Group in April 2013, taking over from Peter Marks as chief executive.[4]
Due to inadequate capital levels in its banking group, Moody's downgraded the bank's credit rating by six notches to junk status (Ba3) and the bank's chief executive Barry Tootell resigned.[5] The difficulties stemmed largely from the commercial loans of the Britannia Building Society, acquired in the 2009 merger.[6]
Sutherland restructured, by intending to sell the life insurance business to Royal London releasing about £200m in capital, and planning to dispose of its other insurance business.[4] On 5 June Richard Pennycook, former finance director of Morrisons, was named Co-operative Group's finance director, and Richard Pym, former chief executive of the Alliance & Leicester bank, as chair of the Co-operative Banking Group and the Co-operative Bank.[7]
In March 2014, Sutherland resigned from The Co-operative because he said "I now feel that until the Group adopts professional and commercial governance it will be impossible to implement what my team and I believe are the necessary changes and reforms to renew the Group and give it a relevant and sustainable future". He was replaced by Richard Pennycook, then chief financial officer, who became the group's interim Chief Executive.
Supergroup
[edit]On 22 October 2014, it was announced that Sutherland was CEO of SuperGroup plc.[8]
On 2 April 2019, Sutherland resigned as CEO of SuperGroup plc after founder Julian Dunkerton won a bid to be reinstated to the SuperGroup plc board.[9]
Saga
[edit]In December 2019, Saga appointed Sutherland as chief executive.[2] At the time, the insurance business, which accounted for the overwhelming majority of the group's profits, needed to dramatically slash premiums to stay competitive.[10]
In November 2023, Sutherland resigned from Saga with immediate effect.[2]
Personal life
[edit]Sutherland is married with three sons.[3] His interests include rugby union and Formula One.[3]
References
[edit]- ^ "Euan Angus Sutherland". Retrieved 22 June 2020.
- ^ a b c d "Saga chief Euan Sutherland resigns as group explores debt reduction". www.ft.com. Retrieved 29 November 2023.
- ^ a b c Harrison, Nicola (19 December 2012). "Profile: New Co-op Group chief executive Euan Sutherland". Retail Week. Retrieved 18 November 2013.
- ^ a b Anne-Sylvaine Chassany and Jennifer Thompson (2 June 2013). "Co-op weighs up banking arm rescue plan". Financial Times. Archived from the original on 11 December 2022. Retrieved 4 June 2013.
- ^ Rupert Neate and Jill Treanor (10 May 2013). "Co-operative Bank rushes to reassure customers after downgrade". The Guardian.
- ^ Clancy, Rebecca (5 June 2013). "Crisis-hit Co-op hires ex-Morrisons finance chief Richard Pennycook and banker Richard Pym for restructuring". The Daily Telegraph. Retrieved 5 June 2013.
- ^ Jones, Adam (5 June 2013). "Co-op makes fresh changes at the top". Financial Times. Archived from the original on 11 December 2022. Retrieved 5 June 2013.
- ^ "Superdry founder replaced as CEO role by ex-Co-op boss". BBC News. 22 October 2014.
- ^ "Superdry chiefs resign after founder wins comeback fight". BBC News. 2 April 2019.
- ^ "Saga hires former Superdry boss Euan Sutherland as chief executive". Financial Times. 11 December 2019. Retrieved 16 June 2020.