The chief executive officer of JD Sports, Barry Bown, will be stepping down from the board of the British retailer with immediate effect. Bown had been with the company since 1984.
JD Sports said that with the role of executive chairman having been in place since 2004 and the development of the company's senior management team over the past decade, there will not be an immediate replacement for the role of chief executive. No reason was given for Bown's decision to step down.
Peter Cowgill, executive chairman, said:
The Board would like to thank Barry for his valued and considerable contribution to the growth and progress of the business. We look forward to his continued support as a consultant to the Company.
Shares in the company are down 0.2 per cent. In April, JD Sports announced a jump in profit before tax of of 27 per cent to £77m, beating analysts' estimates of £74m. Revenue was up 5.7 per cent to £1.3bn. The company's dividend was raised three per cent to 22.65p.