After months of anticipation, JD Sports Fashion PLC (LSE: JD.) has finally named a permanent successor to former CEO Peter Cowgill.
Regis Schultz, former COO of Kingfisher subsidiary B&Q, will replace interim CEO Kath Smith in September. the FTSE 100 group confirmed today.
The French businessman will join the firm from Al-Futtaim Group, a Dubai-based conglomerate that is a partner to many of the world’s leading companies in various sectors, including retail, automotive and financial services, and where he has been president of retail since 2019.
In addition, Schultz has more than a decade of experience as CEO of major retail companies.
Before joining Al-Futtaim, he was head of Monoprix, France’s leading inner-city food and fashion retailer which is part of Groupe Casino.
During his time there, he launched and executed a new digital strategy, signed a partnership with Amazon, concluded the first international partnership with Ocado, and closed the acquisition of a pure online shoe player.
Your time at Kingfisher
After stints as chief financial officer and chief financial officer at Pernod Ricard, the company behind brands including Absolut vodka and Jameson whiskey, and the Pampryl beverage brand, Schultz joined Kingfisher in 2000.
The Frenchman started at Castorama, Kingfisher’s French DIY chain, as chief financial officer before becoming deputy chief executive.
After three years in France, he made the move across the channel to London, where he was promoted to Kingfisher’s director of strategy and development, and promoted to the executive board.
During his five years there, he also held the positions of CFO, Commercial Director and COO of B&Q, the UK arm of Kingfisher.
What can JD expect?
Well, according to a note from UBS, the 53-year-old’s designation means two things.
One removes another area of uncertainty that had been a cloud over the business after it announced the sale of Footasylum on Monday (Aug 1).
Cowgill’s departure in May meant that one of the UK’s biggest companies had no permanent leadership. In other words, JD was in danger of becoming a rudderless ship.
Schultz’s arrival should bring some stability and focus once again, although an update issued a few weeks ago would suggest the FTSE 100 company remained on track to meet expectations.
UBS also suggests that Schultz’s “extensive industry experience across a variety of retail formats and markets” will please investors, although today’s share price move down 3% would suggest his appointment was largely measure a “good time”.
Finally, a Sky News report last week, when the new boss was first linked to the role, felt that Shultz stood out as the best due to his digital transformation skills and track record.
His successes at French retailer Monoprix were more impressive. There, he acquired e-shopping startup Epicery, took over e-commerce fashion retailer Sarenza and launched a partnership with Amazon Prime.
In addition, it signed deals with Ocado for express deliveries, as well as other initiatives such as online recipes with Jow, a personalized grocery shopping app, and in-store mobile payments.
All of these points point to JD moving towards a digital overhaul, either through parenting or launching its own services.
Schultz will be looking to make his mark on JD and continue Cowgill’s undisputed success.
Just don’t expect it to be done the same way.
Source: www.proactiveinvestors.co.uk