Britain's JD Sports names new CEO; shares drop
02/08/2022 09:50
** Shares of British sportswear retailer JD Sports JD.L
down as much as 2.1% at 127.95p;
** Co names French businessman and former B&Q executive
Régis Schultz as its new chief executive officer urn:newsml:reuters.com:*:nTUC491nBp
** Schultz, who was CFO at British home improvement chain
Kingfisher's do-it-yourself business B&Q, is expected to start
his new role at JD Sports in September
** "We note initial investor feedback last week pointed to
some question marks on Mr. Schultz's background and the lack of
significant sporting goods or U.S. experience, which will likely
need to be addressed" -J.P Morgan
** JD Sports on Monday sold Footasylum to German asset
management firm Aurelius Group after the UK's Competition and
Markets Authority ordered the sale last year due to competition
concerns
** Including session's losses, stock has fallen ~40.73% YTD
(Reporting by Hani Kollathodi in Bengaluru)
((Hani.Kollathodi@thomsonreuters.com;))