JD Sports lays out plan to improve corporate governance
(Reuters) -British retailer JD Sports Fashion laid out plans to overhaul its corporate governance structure and internal controls on Wednesday after a review led to the exit of long-time boss
The company, which announced the plans with its results for the year ended
JD Sports ousted executive chairman Cowgill last month, saying its internal governance and controls had not kept pace with the firm's growth. The group has been run by Cowgill since CEO
JD Sports said it has completed a review and has a plan to rebase its governance, risk and control environment which includes separating the roles at the top.
"The process to recruit a CEO is ongoing with a number of high calibre candidates at different stages of consideration," said Interim Chair
The review also stressed on the need for a more experienced board, the company said.
The UK's Competition and Markets Authority (CMA) provisionally found earlier this year that JD Sports along with a rival broke competition law over Rangers FC merchandise pricing.
It also fined the group, along with Footasylum, a combined 4.7 million pounds due to meetings that the regulator said breached an order that barred the two merged companies from integrating further.
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(Reporting by