JD Sports agrees £5.5 million exit deal with Peter Cowgill
JD Sports has agreed a £5.5 million exit deal with its former executive chairman Peter Cowgill.
In a statement, the retailer said it will pay Cowgill £2 million phased over the life of a three-year consultancy agreement through which he will advise its chair Andy Higginson and chief executive Régis Schultz. It added that the pair will receive continuous support and assistance from Cowgill as they transition in their new roles.
He will also be paid a further £3.5 million to not work for a rival business in the next two years.
Cowgill stepped down as executive chairman back in May following the company’s decision to accelerate the separation of the roles of chair and chief executive within the business.
Higginson said: “Peter has hugely valuable experience built over 18 years which we do not want to lose and both Régis and I are delighted to be able to benefit from his considerable talent and advice.
“This caps off what, by any measure, has been a remarkable period of executive leadership by Peter who has been such a core part of the business’s incredible success story to date.
“We are pleased to have settled the terms of his departure and more importantly, to have secured a seamless handover and access to his decades of experience, whilst best protecting our commercial interests.”
