JD sports boss quits after £4.3 million CMA fine

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The executive chairman of JD Sports has left the company after being fined £4.3 million by the Competition and Markets Authority (CMA).

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Peter Cowgill will step down from his role with immediate effect, with Helen Ashton, chair of the Audit and Risks Committee, stepping down as interim chair.

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In February, CMA charged JD Sports and Futasilm £4.3 million and £4.3m respectively for failing to take security measures, sharing commercially sensitive information and alerting CMA about meetings between the owners of the two companies in July. Ordered to pay a fine of £380,000. and August 2021.

Video footage of Cowgill and Futassilm boss Barry Bown meeting in a car park surfaced months after the CMA launched an investigation into the proposed merger between the two companies. The CMA had issued an interim order probing the merger, which prohibited the members of the two companies from exchanging commercial information.

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JD Sports announced that it will split its executive chairman role into two chairman and CEO roles as part of a corporate governance review.

Ashton said: “The Board is committed to ensuring that we have the highest standards of corporate governance and appropriate controls for the FTSE-100 Company to support future growth.”

Credit: www.standard.co.uk /

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