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Sports Direct dealt another blow as finance boss departs


Another blow has hit Mike Ashley’s Sports Direct as its acting finance boss announced his resignation.

The news comes just weeks after the sportswear retailer saw the departure of its chief executive Dave Forsey, leading Ashley to take the reins.

Matt Pearson will reportedly leave to take on a role at another firm by the end of the year. 

His interim replacement will be Herbert Monteith, who according to the embattled giant is a longstanding and experienced member of the finance team.

The struggling pound last week caused Sports Direct to warn investors over falling profits, causing igniting doubt over the acting finance chief's role.

RELATED: "Too little, too late": Unions respond to Sport Direct pledges to improve

"Matt has been a valued member of the Sports Direct family for over nine years and he will be a loss to the company,” Ashley said.

"I wish him all the best for the future and would like to thank him for his time at Sports Direct."

The new head of finance will reportedly not have a seat on the board, but will work closely with the company’s global head of operations Karen Byers and head of commercial Sean Nevitt.

Continual bad news for the company, following a public and drawn out dispute over working practices in its main warehouse, subsequent shareholder revolt and numerous PR blunders lead to Sports Direct's share price slump by nearly two thirds

RELATED: Sports Direct rejects chairman Keith Hellawell's resignation offer

It has also faced a shareholder rebellion against chairman Keith Hellawell.

Sports Direct said full year earnings were expected to come in at £285 million, compared to the £300 million it had originally pencilled in. 

The company also warned that if the pound/dollar rate does not improve, then could another £20 million in earnings could be swiped.

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Published on Thursday 13 October by Ben Stevens

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