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UPDATE 1-JD Sports CEO steps down after 30 years with the company
May 30, 2014 / 2:06 PM / 3 years ago

UPDATE 1-JD Sports CEO steps down after 30 years with the company

(Adds details, shares)

LONDON, May 30 (Reuters) - British retailer JD Sports Fashion announced that Chief Executive Barry Bown has stepped down from the board after 30 years with the company with no immediate plans to appoint a replacement.

The group’s growth strategy has long been led by Executive Chairman Peter Cowgill, who also takes a key role in the day-to-day running of the company.

“With the leadership role of Executive Chairman having been in place since 2004, and the considerable development and strengthening of the company’s senior leadership team over the past decade, there will be no immediate replacement of the role of Chief Executive Officer,” the company said.

Bown, who was appointed CEO in 2000 after holding various senior roles within the business since 1984, will continue to work with the company as a consultant.

JD Sports, which has the majority of its 850 stores in Britain but also trades in the Netherlands, Spain, France and Germany, posted a 27 percent rise in full-year profit in April to 77 million pounds, helped by a strong performance from its core sports division.

The group’s fashion and outdoor businesses have fared less well and the company is improving stores, management and products to help stem losses.

Shares in the company, up 80 percent on a year ago, were down 0.3 percent to 16.30 pounds at 1337 GMT. (Reporting by Li-mei Hoang and Neil Maidment; Editing by David Goodman)

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