JD Sports assumes CEO role after 8 years with Schultz appointment

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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  • JD Sports gets its first CEO since 2014
  • CEO Regis Schultz will take up his new role in September

Aug 2 (Reuters) – Britain’s biggest sportswear retailer, JD Sports Fashion (JDL), said on Tuesday that French businessman and former B&Q executive Regis Schultz would become its chief executive, taking the management position after eight years.

The FTSE 100 group ousted longtime chief executive Peter Cowgill in May over governance and internal control issues. Cowgill had held the executive position and led the group since Barry Bown stepped down as CEO in 2014. read more

Schultz’s appointment comes months after JD Sports said it would accelerate the separation of the roles of chairman and chief executive after a review found shortcomings in its corporate governance. Read more

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He appointed Andrew Higginson, former chairman of the Morrisons supermarket group, as the new chairman last month.

Schultz, 53, is expected to take up his new role at JD Sports in September and will be responsible for leading the group as it overhauls its corporate governance structure and deals with investigations by Britain’s antitrust watchdog.

He has been retail chairman of the Middle Eastern group Al-Futtaim since 2019 and chief financial officer of British DIY chain Kingfisher (KGF.L), B&Q.

“He’s also brought about transformational change through digitization in a number of his roles,” JD’s Higginson said.

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. Read more

Last month, JD Sports, which sells Nike, Adidas, Puma and house brands, said it expects 2023 profits to be in line with last year’s record performance thanks to strong demand for sports and leisure wear. Read more

Shares of the company, which have lost more than 40% so far this year, were down 1.4% in morning trading.

($1 = 0.9752 euros)

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Reporting by Amna Karimi and Radhika Anilkumar in Bengaluru; Editing by Uttaresh.V and Jan Harvey

Our standards: The Thomson Reuters Trust Principles.

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