The JD Sports logo is seen outside a store in London, Britain, November 17, 2021. Picture taken November 17, 2021. REUTERS/May James
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Aug 2 (Reuters) – Britain’s biggest sportswear retailer JD Sports Fashion ( JD.L ) said on Tuesday that French businessman and former B&Q executive Regis Schultz would become its chief executive , taking first place after eight years.
The FTSE 100 group sacked chief executive Peter Cowgill in May over problems with governance and internal controls. Cowgill had been in the executive role and managed the group since Barry Bown stepped down as chief executive in 2014. read more
Schultz’s appointment comes months after JD Sports said it would speed up the split of the chairman and chief executive roles after a review found deficiencies in its corporate governance. Read more
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Last month it appointed Andrew Higginson, former chairman of supermarket group Morrisons, as its new chairman.
Schultz, 53, is expected to start his new role at JD Sports in September and will be tasked with leading the group as it reviews its corporate governance structure and deals with investigations by Britain’s antitrust watchdog .
He has been chairman of Middle East group Al-Futtaim retail since 2019 and was chief financial officer of British home improvement chain Kingfisher’s ( KGF.L ) DIY business B&Q.
“It has also brought transformative change through digitization in some of its roles,” said JD’s Higginson.
The appointment comes a day after JD Sports sold Footasylum to German asset management firm Aurelius Group after the UK Competition and Markets Authority ordered the sale last year over competition concerns. Read more
Last month, JD Sports, which sells Nike, Adidas, Puma and its own brands, said it expected profits in 2023 to be in line with last year’s record performance on strong demand for sportswear and sportswear. Read more
The company’s shares, which have lost more than 40% so far this year, were down 1.4% in morning trade.
($1 = 0.9752 euros)
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Reporting by Amna Karimi and Radhika Anilkumar in Bangalore; Edited by Uttaresh.V and Jan Harvey
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