JD Sports set to announce former B&Q executive as new CEO

A former boss at B&Q is being touted to take the reins at JD Sports Fashion to replace the brand’s long-term CEO who stepped down over board disagreements.

Frenchman Regis Schultz is set to take over at the sportswear fashion giant according to Sky News’ Mark Kleinman.

City sources said the agreement could be signed as early as this week, with Schultz set to join from a Dubai-based conglomerate Al-Futtaim Group.

He has held a number of roles at B&Q, Kingfisher and French Supermarket change Monoprix.

JD Sports’ former chief executive Peter Cowgill stood down last month over boardroom disagreements about succession and corporate governance.

 The sportswear retailer’s share price tumbled some 3.5 per cent on Tuesday morning.

Earlier this month, JD Sports hired Andrew Higginson to help fill the boots of Cowgill as the sportswear retailer’s new chair.

Cowgill’s departure follows JD Sports and its rival Footasylum being slapped with fines collectively topping £4m after Cowgill met with Footasylum’s opposite number Barry Brown in a car park to discuss a blocked takeover.

The Competition and Markets Authority (CMA) issued a £4.7m fine after it claimed the two bosses shared commercially sensitive information in the meetings and failed to put proper safeguards in place to prevent rules breaches.

For failing to have safeguards in place, JD Sports was instructed to pay £2.5m and Footasylum £200,000 while JD Sports was fined £1.8m and Footasylum £180,000 for sharing commercially sensitive information, and then failing to alert the CMA.