JD Sports hands former top boss £5.5m after sudden resignation

manchestereveningnews.co.uk:

The former top boss at retail giant JD Sports has been handed a £5.5m exit deal. The Bury-headquartered group has agreed the financial package with its old executive chairman Peter Cowgill who resigned with immediate effect in May.

At the time, the move described "as a consequence of an ongoing review of its internal governance and controls" and a decision to "accelerate the separation" of the roles of chair and chief executive. READ MORE: Click here to sign up to the BusinessLive North West newsletter The group, which is listed on the London Stock Exchange, said Mr Cowgill has been paid his salary, contractual benefits and will be eligible for any appropriate annual bonus, subject to usual performance conditions, for the period up to May 25, 2022.

The terms of the deal will see Mr Cowgill be paid £3.5m over two years for agreeing to certain limits and £2m over three years to act as a consultant.

JD Sports said: "This agreement ensures that both Andy Higginson and Régis Schultz receive his continuous support and assistance as they transition in their new roles, and more importantly give ongoing access to his unparalleled knowledge and experience in building JD into the successful company that it is today." Mr Cowgill's departure came after JD Sports was hit with a £4.3m fine following a secret meeting with Footasylum CEO Barry Bown.