Sports is close to finalizing the appointment of former B&Q executive Regis Schultz as its next chief executive, according to Sky News.
The Lancashire-based company will reportedly announce the appointment of Schultz, who runs the retail operations of the Dubai-based conglomerate Al-Futtaim, in a few days.
He will replace Peter Cowgill, who resigned last month amid boardroom disagreements over succession and corporate governance. Kath Smith, who has led the company since Cowgill’s departure, is stepping down.
Schultz will join JD Sports from Al-Futtaim Group, which operates a major retail business in the Middle East and Asia. He previously held various senior positions at B&Q, which is part of the FTSE-100 retailer Kingfisher, and also ran Monoprix, the French supermarket chain.
The company announced earlier this month that Former Morrisons boss Andrew Higginson will replace Peter Cowgill as its new chairman.
JD Sports has been embroiled in a series of investigations by regulators, most notably over its ownership of the Footasylum chain, which it bought for £90m in 2019.
The Competition and Markets Authority (CMA) has told JD Sports to sell the business and fined the two companies a combined £4.7m for breaching an order not to share commercially sensitive information.
JD Sports are allegedly in detailed talks to sell Footasylum to Aurelius Groupthe private equity investor, according to Sky News.
The group, which also owns Tessuti and Go Outdoors, is said to be attempting to negotiate a sale despite increasing difficulties in obtaining financing for corporate deals. The company has forecast full-year earnings to be in line with expectations following a “positive performance” in June 2022.
Source: www.theindustry.fashion