May 26, 2022
JD Sports reassures investors after sudden exit of longtime boss
The unexpected departure of Peter Cowgill as head of UK retailer JD Sports was because of disagreements about governance and succession and was not connected to the delay in publishing its annual results, the company told investors on Thursday. JD rushed out a statement after the market closed on Wednesday that said Cowgill, who has run the company for nearly two decades, would step down as executive chair with immediate effect. When Cowgill became executive chair in March 2004, JD was worth less than £100mn and was in financial difficulty. Wesley McCoy, a fund manager at JD shareholder Abrdn, said: "Its staggering what JD and Cowgill has achieved in his tenure. It's not every day that someone with that tenure leaves with immediate effect." During his time at JD, Cowgill built strong relationships with sportswear brands such as Nike, Adidas, Puma and Under Armour, helping JD gain access to the latest products before competitors.
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