JD Sports to split top role as shareholders vote out pay committee chair

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JD Sports announced its intentions to divide its top job into chief executive and chair before its next annual general meeting.

The sportswear retailer will split the role currently held by Peter Cowgill with a “comprehensive process” to arrange this beginning soon.

The news came as JD Sports conducted its annual general meeting where the expected shareholder revolt over pay did not take place.

Cowgill said in June that he thought shareholders “may well” vote against his £4.3m bonus after other retailers including Morrisons saw revolts over executive pay packets.

While Cowgill emerged unscathed, the chair of the remuneration committee Andrew Leslie was voted off the board after shareholders expressed concerns over his lengthy tenure and management of “inappropriate” pay policies.

Leslie, who has held a position on the board for the past 11 years, stepped down immediately after 54.6% of shareholders voted against his re-election.

Cowgill said: “On behalf of the board, I would like to thank Andrew for his valued contribution to the company during a period which has seen significant growth and international development.”

Investors voted in favour of a new share-based long-term incentive plan (LTIP) and new remuneration policy, both of which received considerably more support than the previous LTIP and remuneration policy at the AGM in 2020.