JD Sports chair Andrew Higginson to step down

(Sharecast News) - JD Sports Fashion said on Wednesday that chair Andrew Higginson plans to step down at the conclusion of the annual general meeting on 21 July, sending shares in the sportswear retailer sliding.

Higginson joined the business as chair in July 2022 and JD said he has overseen the transformation of the group's governance framework, alongside the global expansion of the brand and wider JD Group, notably with around 40% of the business now in North America.

The board has begun a process for the appointment of a successor, led by senior independent director Kath Smith.

Darren Shapland will become interim chair following the AGM until a permanent successor has been appointed. Shapland has served as an independent non-executive director since June 2023 and currently chairs the board's ESG Committee.

Chief executive Regis Schultz said: "I'm grateful to Andy for his support and counsel through a critical and transformational period for the group. His leadership and experience have been crucial in building the capability we have around the board today."

At 0950 BST, the shares were down 4.2% at 73.22p.

Broker Shore Capital, which rates JD Sports at 'hold', said Higginson is "a high-quality resource that has materially and effectively refreshed the JD board".

"As such, we are sorry from a JD shareholders' perspective to see him moving on in short order.

"That said, his interim stand-in is top-notch too, and we are sure that the board will seek out an equally effective replacement."

Dan Coatsworth, head of markets at AJ Bell, said: "Are we about to see a changing of the guard across JD Sports? When one of the top people go from a company with a weak share price, it's common to see others follow suit and fresh leadership brought in across the board.

"JD Sports' chair Andrew Higginson is leaving after four years which is on the low side for such a role. Higginson leaves at a sensitive time for JD Sports, given its share price is stuck in the mud.

"Will he be the only one to leave? It's only natural to ask how long Regis Schultz can stay as CEO given the market value of JD has fallen by a third since he took charge in 2022. During this period, JD has had to contend with headwinds from tariffs, more cautious consumers, a more competitive pricing environment, and declining investor sentiment towards the company.

"While some of these factors are outside of JD's control, investors' patience is wearing thin, and they won't put up with a weak share price indefinitely. If the share price doesn't recover, expect investors to bang the drum loudly for change."

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