The ousted former boss of Superdry will swap leather jackets for cruises and insurance for older customers after being hired to turn around Saga, the struggling over-50s services provider.

Euan Sutherland will take over the running of Saga in January from Lance Batchelor, who announced in June that he would be stepping down as chief executive after a profit warning sent shares plunging. Batchelor will leave the company at the end of January.

Sutherland walked out of Superdry in March after five years at the helm when the fashion company’s founder, Julian Dunkerton, forced his way back on to the board in a dramatic shareholder vote.

Saga’s shares have more than halved since April, when it said it needed to revamp its insurance business in the face of intense competition. The company has also struggled to shake off a staid image.

Sutherland may also have to contend with the attentions of Elliott, a US activist hedge fund that took a 5% stake in the business in July. The investment prompted speculation that the investment firm could push for a breakup of the business.

Saga will be the latest struggling company on Sutherland’s CV. In 2013, he was appointed as the boss of the Co-operative Group but quit after 10 months. He had reportedly earned the nickname “Pol Pot”, after the Cambodian dictator, from colleagues who thought he was pushing for change too quickly. Sutherland has previously also served as head of the DIY retailer B&Q and is on the board of the Robinson’s drinks maker, Britvic.

Saga lauded Sutherland’s experience at Superdry, a “global digital brand”. Superdry designs and sells clothes and made less than 16% of its revenues from e-commerce, according to its latest half-year results.

Patrick O’Sullivan, Saga’s chairman, said: “He has substantial experience across several consumer-facing businesses that will be invaluable as we continue the Saga transformation, with our customers at the heart of our strategy.”

Saga has cleared out its top team, also poaching Cheryl Agius from Legal & General to take charge of its insurance arm, and appointing a new chief operating officer, Gilles Normand.

“The board has every confidence in the team now in place to lead and accelerate Saga’s turnaround strategy,” O’Sullivan said.

Sutherland described Saga as a “unique British brand that has a strong heritage, great people and significant potential”.