// JD Sports denies speculation that executive chairman Peter Cowgill will resign
// Last week reports emerged that he had taken a 75% pay cut but received a £3m “special bonus”
// JD Sports also confirms it has not engaged in any process to recruit a new CEO or chairman
JD Sports has shot down recent speculation that executive chairman Peter Cowgill was set to leave the helm of the retail chain.
This morning the retail giant confirmed in a statement that Cowgill would remain in the position and that the company has not engaged in any process to recruit a new boss.
Cowgill did not comment on the speculation, but said he looked forward to JD Sports’ second capital markets day in October.
- JD Sports boss Peter Cowgill banks “special bonus” despite 75% pay cut
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“I look forward to welcoming investors and analysts to our second Capital Markets Day and to sharing our strategy and execution plans for the further development of JD over the forthcoming years,” he said.
It followed speculation over the weekend after reporters spotted a line in JD Sport’s annual report which suggested that the retailer might be ramping up succession plans.
On Saturday The Times reported that JD Sports said: “Additional succession planning has occurred throughout the financial year following concerns relating to the single appointment of the executive chairman.”
Cowgill has been chairman for around 17 years and took over the chief executive’s responsibilities in 2014.
He confirmed to The Times that investors were sometimes a little unsure about one person holding both positions, although he said it is more common in the US.
“I’m definitely not going anywhere,” he told the newspaper.
Last week it was also revealed that Cowgill had been given a total of £6 million in bonus payments since February 2020.
The move was criticised as JD Sports took government support during the Covid-19 pandemic.