Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Shareholders at JD Sports have voted to remove the company’s remuneration director Andrew Leslie following the unpopular decision to award executive chairman Peter Cowgill a £4.3m bonus.
The decision was made at the company’s AGM yesterday (1 July) after JD failed to convince enough institutional investors to vote for Leslie to remain on the remuneration board.
Leslie, who was appointed to the board in 2010, received just under 46% of the vote in favour of re-electing him. As such it was revealed Leslie will be stepping down from his role with immediate effect.
In a statement the company said: “The board recognises that the resolution to re-elect Andrew Leslie has not received a requisite majority of the independent shareholders. Accordingly, Andrew Leslie will step down from the board with immediate effect.
“The board and its Committees will now commence a process to select Andrew’s successor in his role as non-executive director and Remuneration Committee chair and an announcement will be made in this regard in due course.”
It added that in the interim period, the Remuneration Committee will elect a temporary chair in respect of any scheduled Remuneration Committee meetings which may take place.
Cowgill added: “On behalf of the board, I would like to thank Andrew for his valued contribution to the company, during a period which has seen significant growth and international development.”
JD Sports also revealed that a new long-term incentive and bonus plan has been approved by shareholders.
