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JD Sports' ousted chairman Cowgill returns as consultant

·1-min read
FILE PHOTO: FILE PHOTO: People pass a JD Sports store in London

LONDON (Reuters) -Britain's biggest sportswear retailer, JD Sports Fashion, has agreed a deal with former longstanding executive chairman Peter Cowgill that will see him return as a consultant.

Cowgill was ousted by the board of the FTSE-100 group in May after a governance review. He had led the retailer since 2004.

JD said on Wednesday that Cowgill would be paid 2 million pounds ($2.3 million) over the expected three year period of the consultancy agreement.

It said the deal ensures that both new chairman Andy Higginson and new CEO Régis Schultz receive Cowgill's support and assistance.

"Peter has hugely valuable experience built over 18 years which we do not want to lose," said Higginson.

JD has also struck a deal with Cowgill that prevents him from working or advising any of its competitors or soliciting any of its employees. Cowgill will be paid 3.5 million pounds over two years for this restriction.

JD has paid Cowgill's salary and benefits for the period to May 25 and he will be eligible for any annual bonus on a pro rata basis. JD will also honour Cowgill's notice period of 12 months.

The retailer will publish first half results on Thursday.

($1 = 0.8800 pounds)

(Reporting by James Davey, Editing by Paul Sandle and Alexander Smith)