Sports Direct chairman Keith Hellawell’s fate at the company will be decided in January, with the retailer calling for a special meeting.
The embattled sportswear retailer has confirmed that a vote will be held on his position in the new year, following new financial regulatory rules which give shareholders more of a choice on non-executive directors.
In September’s annual general meeting, 57 per cent of shareholders voted against Hellawell returning to the role, however he was saves by Mike Ashley’s vote due to his overwhelming 55 per cent stake in the business.
The second meeting, which according to the new rules must be held 90 to 120 days after the initial one, will take place at the company’s Shirebrook headquarters.
In September Ashley insisted that Hellawell would stay in the role for at least another year, and his majority share could turn the tide of the new vote should he wish him to stay.
The retailer stated that if he was reelected in January, yet fails to gain the support of independent shareholders by September 2017, he will step down as chairman.
Hellawell has recently accused the media, MPs and trade unions of working to discredit the business, after a tirade of headlines and investigations continue to plague the retailer.
Last week the business announced a 57 per cent drop in profits, along with the announcement a new £40 million company jet was purchased.