JD Sports lays out plan to improve corporate governance

JD Sports Fashion laid out plans to overhaul its corporate governance structure 

British retailer JD Sports Fashion laid out plans to overhaul its corporate governance structure and internal controls on Wednesday after a review led to the exit of long-time boss Peter Cowgill last month, Qazet.az reports.

The company, which announced the plans with its results for the year ended January 29, posted annual profit that more than doubled from last year to $800 million on strong demand for its sports leisure wear. Its shares rose 3.4%

JD Sports ousted executive chairman Cowgill last month, saying its internal governance and controls had not kept pace with the firm's growth. The group has been run by Cowgill since CEO Barry Bown stepped down in 2014.

JD Sports said it has completed a review and has a plan to rebase its governance, risk and control environment which includes separating the roles at the top.

The review also stressed on the need for a more experienced board, the company said.

The UK's Competition and Markets Authority (CMA) provisionally found earlier this year that JD Sports along with a rival broke competition law over Rangers FC merchandise pricing.