© Reuters. FILE PHOTO: JD Sports activities brand is seen on the outside of a retailer in London, Britain, November 17, 2021. REUTERS/Might James
(Reuters) -British retailer JD (NASDAQ:) Sports activities Style laid out plans to overtake its company governance construction and inside controls on Wednesday after a evaluation led to the exit of long-time boss Peter Cowgill final month.
The corporate, which introduced the plans with its outcomes for the 12 months ended January 29, posted annual revenue that greater than doubled from final 12 months to 654.7 million kilos ($800 million) on robust demand for its sports activities leisure put on. Its shares rose 3.4%
JD Sports activities ousted government chairman Cowgill final month, saying its inside governance and controls had not saved tempo with the agency’s progress. The group has been run by Cowgill since CEO Barry Bown stepped down in 2014.
Britain’s largest sportswear retailer has come underneath regulatory scrutiny from the competitors regulator for varied points, together with its relationship with Footasylum and the pricing of soccer kits.
JD Sports activities mentioned it has accomplished a evaluation and has a plan to rebase its governance, danger and management atmosphere which incorporates separating the roles on the prime.
“The method to recruit a CEO is ongoing with a variety of excessive calibre candidates at completely different phases of consideration,” mentioned Interim Chair Helen Ashton. “A course of to recruit a brand new Non-Government Chair can be progressing at tempo.”
The evaluation additionally harassed on the necessity for a extra skilled board, the corporate mentioned.
The UK’s Competitors and Markets Authority (CMA) provisionally discovered earlier this 12 months that JD Sports activities together with a rival broke competitors regulation over Rangers FC merchandise pricing.
It additionally fined the group, together with Footasylum, a mixed 4.7 million kilos attributable to conferences that the regulator mentioned breached an order that barred the 2 merged corporations from integrating additional.
($1 = 0.8181 kilos)