D Sports today agreed a pay deal of approximately £7 million with ousted Executive Chairman Peter Cowgill, who also transformed the sports shoe business into an FTSE 100 giant.
He will receive £3.5 million over two years for a non-competitive clause that prevents him from working for JD’s competitors or hunting down its employees.
The “consultation” agreement also entails a £2 million deal over three years, a salary of £900,000 a year and an as-yet undisclosed bonus payment.
The deal comes a day after Cowgill’s arch-rival Mike Ashley said he would step down from the board of Fraser, the parent group of Sports Direct. The pair remained together for many years.
There was a change of tone from the Jedi about Cowgill, inexplicably fired in May over concerns that he had too much control.
TODAY President Andy Higginson said: “I am delighted that we are able to move forward in this cordial and constructive way with Peter over the next three years. Peter has immensely valuable experience built over 18 years that we do not want to lose … This has, by any measure, been a remarkable period of executive leadership by Peter, which has been a core part of the business’s incredible success story to date.”
Jedi Sports developed rapidly under Cowgill, who became the self-styled “King of Trainers”. He said in 2019 that the group posted record results that the business was “in line with Millennials and Generation Z”.
The company will release half-year results tomorrow, which the city expects to show strong returns, suggesting it will be one of the best businesses facing consumers to weather the economic downturn.
However, profits are likely to remain low. Joining new CEO Regis Schultz from Dubai Group Al-Futaim.
The French are regarded as a clear step change from Cowgil, with little time for the sometimes blunt Lancastrian city specifics.
Higginson, the former chairman of WM Morrison, has previously spoken about his cowgill. “Their legacy is that business is doing business very strongly. But it lacks governance infrastructure and needs to be modernised.”
Credit: www.standard.co.uk /