JD Sports to appoint former B&Q exec as next CEO

JD Sports is close to finalising the appointment of former B&Q executive Regis Schultz as its next CEO, according to Sky News.

The Lancashire-based company is reportedly set to announce the appointment of Schultz, who runs the retail operations of Dubai-based conglomerate Al-Futtaim, within days.

He will replace Peter Cowgill who resigned last month amid boardroom disagreements over succession and corporate governance. Kath Smith, who has been running the company since Cowgill's departure, will step down from her position.

Schultz will join JD Sports from Al-Futtaim Group, which operates a substantial retail business spanning the Middle East and Asia. He previously held several senior jobs at B&Q, which is part of the FTSE-100 retailer Kingfisher, and also ran Monoprix, the French supermarket chain.

The company announced earlier this month that former Morrisons boss Andrew Higginson will take over from Peter Cowgill as its new Chairman.

JD Sports been caught up in a series of investigations by regulators, most notably over its ownership of the Footasylum chain, which it bought for £90m in 2019.

The Competition and Markets Authority (CMA) has told JD Sports to sell the business, and fined the two companies a combined £4.7 million for breaching an order not to share commercially sensitive information.

JD Sports are reportedly in detailed talks to sell Footasylum to Aurelius Group, the private equity investor, according to Sky News.

The group, which also owns Tessuti and Go Outdoors, is said to be attempting to negotiate a sale despite growing difficulties in obtaining financing for corporate deals. The company has predicted annual profit to be in line with expectations following after a "positive performance" in June 2022.