SuperGroup's CFO just had to step down for the most embarrassing reason possible

The departure of SuperGroup CFO Shaun Wills is for probably one of the most embarrassing reasons for a so-called financial expert to step down from a company.

He was personally declared bankrupt.

SuperGroup, which owns the trendy high street clothing story Superdry, announced in a statement that Wills stepped down with immediate effect over his "personal matter."

"This decision was made upon the Board becoming aware on 24 February 2015 that Shaun was made the subject of a personal bankruptcy order on 10 February 2015," said the group in a regulatory statement. "This is a personal matter, on which SuperGroup will not comment further, and is wholly unrelated to the financial position of the Company."

SuperGroup also confirmed that "trading remains in line with previous guidance" and that former Halfords CFO Nick Wharton will become interim CFO effective immediately.

However, traders were not impressed in the market open, as shares nosedived by around 4%.