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Mike Ashley is taking over as CEO of Sports Direct
Thomas Colson
Mike Ashley has taken over as CEO of Sports Direct, the embattled discount sports retailer he founded.
Sports Direct announced on Friday that CEO Dave Forsey resigned on Thursday. The Board has appointed billionaire Ashley to replace him with immediate effect.
Forsey says in a statement: "I have given my entire working life to the Company and in return the Company has given me amazing opportunities and experiences. I wish everyone at Sports Direct well in the future."
Chairman Dr. Keith Hellawell, whose own resignation was recently refused, says in the statement: "I would like to thank Dave for his significant contribution over the last 32 years and during a period of significant growth and change at the Company. On behalf of all the people at Sports Direct I wish him well in his future endeavours."
And Ashley says somewhat bizarrely in the statement: "I feel like I have lost my right arm, but I do hope to have the opportunity to work with Dave again in the future."
Sports Direct shares are up 3.7% at around 12.20 p.m. BST (7.20 a.m. ET) in London:
Thomas ColsonAshley founded Sports Direct in 1982 and grew it into a multi-billion pound retail empire. He has recently served as executive vice chairman and is still the majority owner.
Sports Direct has been under extreme pressure from the press, MPs, and investors recently. Parliament's influential Business, Innovation, and Skills committee concluded that the chain was run like a "Victorian workhouse" following an investigation. That has led investors to call for sweeping management changes.
However, Ashley, who still owns the majority of shares, has kept long-serving chairman Hellawell in place despite the Dr. not gaining enough independent shareholder support at the recent AGM.
Ashley has asked investors for time to turn around the company, although he has been vague on how long exactly he needs and what would constitute a completed turnaround.
Ashley admitted turning a TV interview this week that he was a "PR nightmare," after he was photographed pulling a wad of £50 notes from his pockets during a recent tour of his warehouses for journalists.
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SEE ALSO: 'A VICTORIAN WORKHOUSE': MPs publish damning report on Sports Direct and Mike Ashley
