Former Home Retail Chief Sounded Out By Findel After Ashley Snub

The former Argos and Homebase boss Terry Duddy has been approached about taking over the chairmanship of Findel (LSE: FDL.L - news) , the mail order retailer, as it seeks to resolve a row over the influence of Mike Ashley, the tycoon whose sports goods chain is its biggest shareholder.

Sky News has learnt that Mr Duddy is among a number of people being sounded out by advisers to Findel, which last month rebuffed an attempt by Mr Ashley to install himself as the company's chairman.

Among the other potential chairs is understood to be David Shearer, a specialist in corporate turnarounds who has also been lined up as the independent chairman of Speedy Hire (LSE: SDY.L - news) , the tool hire company which is embroiled in a row with one of its leading shareholders.

The shortlisted candidates are understood to have been approached by Zygos, the headhunting firm which is handling the search on Findel's behalf.

It was unclear on Monday whether Mr Duddy or Mr Shearer were in active talks about the role, which is currently occupied by David Sugden, who had planned to step down three weeks ago.

A source close to the company said the search for Mr Sugden's successor was ongoing and that other people were also under consideration.

Mr Duddy stepped down from running Home Retail Group, which has just been acquired by J Sainsbury (Other OTC: JSAIY - news) , in 2014, when it owned Argos and Homebase.

He is now a non-executive director of Debenhams (Other OTC: DBHSF - news) and Hammerson (Other OTC: HMSNF - news) , the property giant.

The new chairman will be thrust into the middle of a fluctuating conflict between Findel's board and Mr Ashley, who failed to place a director on the board after requisitioning a shareholder meeting last November.

Sports Direct International (Other OTC: SDIPF - news) , Mr Ashley's company, owns nearly 30% of Findel, and wants to use wants to use its Express Gifts subsidiary to channel Sports Direct's portfolio of sports goods brands.

Last month, Findel said it "remains of the view that there is merit in a commercial supply agreement with SDI, but SDI are unwilling to take this forward until the role of Mike Ashley on the Findel board is clarified".

It added that it had "decided not to appoint Mike Ashley as executive chairman and will now move as quickly as possible to appoint an independent executive chairman".

Findel has already sold Kitbag, a retailer of replica sports kit which has deals with a number of leading football clubs, while it continues to own a business focused on educational supplies.

Mr Ashley's push for boardroom changes at Findel comes ahead of what is certain to be a stormy annual meeting at Sports Direct next month, with leading City investors expected to vote against directors over its corporate governance and working practices.

Toscafund, which is leading the campaign to oust Speedy Hire's chairman and install Mr Shearer in his place, is also a shareholder in Findel, but sources insisted that the mail order retailer's search for a new chair was being handled independently by Zygos and was unconnected to the Speedy Hire situation.

Findel was unavailable for comment.