Britain’s biggest sportswear retailer, JD Sports Fashion, said on Tuesday that French businessman and former B&Q executive Regis Schultz would become its chief executive, holding the highest post after eight years.
The FTSE 100 group in May ousted chief executive Peter Cowgill due to problems with governance and internal controls. Cowgill had held the executive position and run the group since Barry Bown stepped down as chief executive in 2014.
Schultz’s appointment comes months after JD Sports said it would speed up the division of the chairman and CEO roles after a review found deficiencies in its corporate governance.
It appointed Andrew Higginson, a former chairman of the Morrisons supermarket group, as its new chairman last month.
Schultz, 53, is expected to start his new role at JD Sports in September and will be tasked with running the group as it reviews its corporate governance structure and deals with investigations by Britain’s antitrust watchdog.
He has been president of retail at the Al-Futtaim Middle East group since 2019 and was CFO at UK home improvement chain Kingfisher, B&Q’s DIY business.
“It has also brought about transformational change through digitization in several of its functions,” 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 due to competition concerns.
Last month, JD Sports, which sells Nike, Adidas, Puma and own brands, said it expects 2023 earnings to be in line with last year’s record performance due to strong demand for athletic and athletic wear.
Shares of the company, which have lost more than 40 percent so far this year, were down 1.4 percent in morning trading.
By Amna Karimi and Radhika Anilkumar; Publisher: Uttaresh.V and Jan Harvey
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Source: www.businessoffashion.com