JD Sports launches review as chairman departs
Sportwear retailer parts company with Roger Best
Sportswear retailer John David Group has parted company with executive chairman Roger Best, who has resigned ‘by mutual agreement’.
In the wake of Best’s departure the company has launched a ‘strategic review’ which in theory could trigger a sale or break-up of the business.
Best’s departure marks a sharp turnaround in policy for the retail group, which operates the JD Sports chain and several other specialist UK retail fashion chains including Open, Size and Athleisure.
In January, the group announced that co-founders John Wardle and David Makin would be handing over day-to-day responsibility for the business to Best, becoming non-executive directors.
Best was a non-executive director from January 2002 and became executive chairman in May 2003. In a statement to the Stock Exchanges, JD said that during his period as chairman Best put in place a plan to return the business to significantly higher profitability.
Wardle said: “We thank Roger for his contribution as executive chairman and for leading the turnaround during a challenging time for the business.”
Best is succeeded by Peter Cowgill, who was finance director of the group between 1996 and 2001, during which time “he contributed significantly to one of the most successful trading periods in the group’s history”, said the company.
The statement added that Cowgill’s “first major task will be to lead the board in considering all strategic options for the group”.
JD has previously indicated that its results for the year to the end of January 2004 will be at the lower end of market expectations. It said today that trading in the first six weeks of the new financial year has been “encouraging and in line with expectations”.
