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JD Sports Fashion PLC on Tuesday named Regis Schultz as its new chief executive, after an ‘extensive executive global search process’.
It is expected that Schultz will join the athleisure retailer in September. There will be a brief handover process alongside interim CEO Kath Smith, before Smith then resumes her former role of senior independent director.
‘Regis brings with him a wealth of retail experience as CEO, including of a UK-listed retail business, and across retail categories including home, fashion, electrical sporting goods and food. In particular, he has a strong track record of effecting transformational change through digitisation, driving multi-channel growth strategies and working across international markets,’ JD said.
He joins from Al-Futtaim Group, a Dubai-based conglomerate which operates a substantial retail business spanning the Middle East and Asia. Schultz has been Al-Futtaim's president of retail since 2019.
‘The retail division has helped to launch and build world class brands, including Zara, IKEA, Hugo Boss, M&S and Lacoste and operates in Middle East, Asia and North Africa,’ JD explained.
In May, former JD executive chair Peter Cowgill left the role with immediate effect. Back in July of last year, the company bowed to shareholder pressure over its corporate governance, agreeing to split its chair and CEO roles.
Cowgill had served as both executive chair and CEO of JD Sports, since taking up the latter position in 2014.
Whilst the company searched for Cowgill's permanent successors, non-executive directors Helen Ashton and Kath Smith assumed the roles of interim non-executive chair & interim CEO, respectively.
In July, JD hired Andy Higginson as its new chair. Higginson was formerly chair of supermarket chain Wm Morrison Supermarkets PLC, from 2015 until its private equity takeover in November.
The news follows JD announcing the sale of Footasylum on Monday for a significant loss. JD acquired the footwear retailer back in March 2019 for £90.1 million. It has now agreed to sell Footasylum for barely a third of that price.
Shares in JD were down 1.6% to 128.60 pence each in London early Tuesday.
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