JD Sports Fashion Plc Update on Directorate Change (0537A)
21 Septiembre 2022 - 1:02AM
UK Regulatory
TIDMJD.
RNS Number : 0537A
JD Sports Fashion Plc
21 September 2022
21 September 2022
JD Sports Fashion Plc
Update on Directorate Change
Further to the announcement of 25 May 2022, JD Sports Fashion
Plc ("JD" or the "Company") is pleased to report that it has
reached agreement with Peter Cowgill with respect to his departure
from the business.
For the period up until 25 May 2022, Peter has been paid his
salary, contractual benefits and will be eligible for any
appropriate annual bonus, subject to usual performance conditions,
which will be paid on a pro rata basis for the period he remained
in full time employment. For the period post 25 May the Company
will honour his contractual notice period of twelve months.
Separately, the Board of Directors ("Board") has reached
agreement with Peter on two new arrangements (the "Arrangements")
which it firmly believes are in the best interests of the business
and its shareholders.
The first is a binding set of new and enhanced restrictive
covenants for a two-year period, replacing the very limited
provisions in Peter's 18 year old contract. These align Peter and
the Company's commercial interests, prevent him from working for or
advising any of the Company's competitors, and prevent him from
soliciting any of its employees. Peter will receive GBP3.5 million
over two years for this valuable restriction.
The second is a consultancy agreement for an expected period of
three years for which Peter will be paid GBP2 million phased over
the life of the agreement. This agreement ensures that both Andy
Higginson and Régis Schultz receive his continuous support and
assistance as they transition in their new roles, and more
importantly give ongoing access to his unparalleled knowledge and
experience in building JD into the successful company that it is
today.
The Arrangements constitute a smaller related party under
Listing Rule 11.1.10.
The Board of JD acknowledges the tremendous role that Peter
played in leading the team that transformed the business he
re-joined in 2004 into one of the world's leading retailers of
sports, fashion and outdoor brands. JD's market capitalisation
exceeded GBP12 billion and reported headline profit before tax and
exceptional items of GBP947 million in the year to 29 January 2022,
both of which stand as testimony to his remarkable and successful
leadership and contribution.
Commenting on the update, Andy Higginson, Chair said:
"I am pleased that we have been able to reach this amicable and
constructive way forward with Peter covering the next three years.
Peter has hugely valuable experience built over 18 years which we
do not want to lose and both Régis and I are delighted to be able
to benefit from his considerable talent and advice. This caps off
what, by any measure, has been a remarkable period of executive
leadership by Peter who has been such a core part of the business's
incredible success story to date. We are pleased to have settled
the terms of his departure and more importantly, to have secured a
seamless handover and access to his decades of experience, whilst
best protecting our commercial interests.
" Having now separated the roles of Chair and CEO, recruited a
new CEO who brings a strong international and digital track record,
as well as locking in the knowledge and experience of Peter, JD is
well positioned for a period of continued commercial outperformance
underpinned by strong corporate governance."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Andy Higginson, Chair
Neil Greenhalgh, Chief Financial Officer
FGS Global Tel: 0207 251 3801
Rollo Head
Jenny Davey
James Thompson
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END
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