JJB’S JONES IN BOARD ATTACK
JJB Sports executive chairman Sir David Jones was left red-faced last night after emails in which he criticises nearly all his fellow directors were leaked.
In an email exchange between Jones and former chief executive Chris Ronnie dated October 2008, Jones criticises five members of the board. Four of the men have now stepped down, although Alan Benzie – who Jones labelled “unprofessional” and not “a man of substance” – is still a non-executive director.
Jones, who was then non-executive director, added: “Re AB Benzie the only outstanding matter is when is his leaving date.”
In a rare insight into boardroom tensions, Jones says of Roger Lane-Smith, then chairman of the group: “Roger is not as clever as he thinks he is.”
And in damning evidence of Jones’ corporate tactics, he writes: “Let him stay as chairman to take all the flac sic.” Lane-Smith announced his retirement on 24 July.
The publication of the astonishingly frank emails comes in the fourth week of hostility between the former chief executive and executive chairman.
Ronnie has embarked on a campaign to clear his reputation and muddy Jones’ efforts to put distance between the pair of retail veterans.
Recently, Ronnie circulated emails showing that he and Jones last year held discussions on taking the retailer private together.
Ironically, Jones’ most supportive email was for Ronnie, the man he fired as chief executive and who he now blames for bringing the company “dangerously close to insolvency”.
Emails show that even when the City was bracing itself for dire trading updates, Jones supported Ronnie. He wrote: “I said your strategy was right… In any case where are we likely to get a replacement for you???”
It is believed their relationship soured late last year, shortly before Jones was parachuted into the group as executive chairman on 1 January.
It then emerged that Ronnie’s 27.5 per cent stake in the company, which he used as collateral for a personal loan, had been seized. A week later Jones fired Ronnie without a pay-off.
A source close to JJB yesterday said the emails “were ancient history”.
NAME: ALAN BENZIE
Remains as JJB’s non-executive director
“After his ‘hour of madness’ I cannot imagine that he will have the respect of the majority of the main board…he should go quietly”
NAME: BARRY DUNN
JJB property director; stepped down 15 October 2008
“Barry Dunn must go!!!”
NAME: DAVID MADELEY
Finance director; stepped down 3 April 2009
“We need to discuss David Madeley’s position – personally I would keep him as finance directorbut he may prefer a different role.”
NAME: ROGER LANE-SMITH
Chairman of JJB; announced retirement 24 July 2009
“Roger should stay until we are ready to get rid of him – let him stay as chairman to take all the flack.”