UPDATE: JD Sports says CEO Schultz has "continued support" of board

(Alliance News) - JD Sports Fashion PLC confirmed to Alliance News on Friday that Chief Executive Regis Schultz has the "continued support" of its board, after the Financial Times reported a rift which sparked the departure of Chair Andrew Higginson this week.

A JD Group spokesperson told Alliance News: "It was mutually agreed between Andy and the board that this is the right time for a change of chair; there has been no disagreement about the board’s continued support for the CEO. The board is grateful for the valuable role that Andy has played during his tenure at the business."

On Friday, the FT reported that Higginson quit as chair of JD Sports after pushing for CEO Schultz to be ousted and failing to win unanimous backing for the move.

According to FT sources, Higginson made representations to members of the board that Schultz should be replaced as JD boss after a three-and-a-half-year tenure in which the sportswear business has reported slowing sales and struggled in its key North American market.

While some directors agreed with Higginson, it was not a unanimously held view, the sources told the FT.

Majority shareholder Pentland, which owns a 55% stake in JD Sports, indicated that it would continue to back the chief executive.

After Higginson failed to win unanimous backing there was a "mutual decision" that he would have to be the one to leave, according to FT sources.

JD Sports announced Higginson's departure in a statement on Wednesday, including comments from Schultz thanking him for his "support and counsel".

Shares in JD Sports were down 3.1% at 69.86 pence each in London on Friday, and fell around 4% on Wednesday after the departure was announced. Back in 2021, shares traded above 230p.

Higginson, the former chair of supermarket chain William Morrison Supermarkets, joined JD Sports in July 2022. Schulz joined the business in September of that year, after being appointed the month before.

In January, JD Sports said it expected to report financial 2026 profit before tax and adjusting items in line with current market expectations, which it placed at GBP849 million.

This would be down 8.0% from GBP923 million in financial 2025, which in turn was down 4.0% from GBP961 million in financial 2024.

JD Sports' financial year runs to the end of January.

The firm has been hurt by troubles at key supplier Nike Inc, where a hoped-for turnaround is proving elusive, and a broader industry downturn.

Full-year results are due for release on May 7.

By Jeremy Cutler, Alliance News reporter

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