Key facts
- Peter Agnefjäll, formerly of Ikea, is appointed JD Sports' new chair.
- Agnefjäll succeeds interim chair Darren Shapland, who took over after Andy Higginson's departure.
- Higginson was ousted after a failed attempt to remove CEO Régis Shultz.
- JD Sports reported a 12% fall in pre-tax profit to £629m for the year to January.
- Sales rose 12% to £12.7bn in the same period.
- The retailer forecasts a pre-tax profit of £750m to £850m for the next year.
JD Sports has appointed Peter Agnefjäll, who spent over two decades at Ikea, as its new chair, effective from September. Agnefjäll will succeed Darren Shapland, who had been serving on an interim basis following the abrupt departure of Andy Higginson in April.
Higginson's exit came after he failed to convince the board to oust chief executive Régis Shultz, despite concerns over slowing sales and stalled progress in North America. While some executives reportedly agreed with Higginson, he did not secure enough board support and was himself forced out. The retailer's majority shareholder, Pentland Group, backed Shultz, further undermining Higginson's position.
JD Sports stated that the change in chairmanship was mutually agreed upon and that there was no disagreement regarding the board's continued support for the chief executive. The company has recently warned of "muted" growth, citing dampened consumer spending and cost pressures, including those related to the Iran war. For the year ending in January, JD Sports reported a 12% decrease in pre-tax profit to £629 million, despite a 12% increase in sales to £12.7 billion. The company has provided a wider profit guidance range of £750 million to £850 million for the upcoming year, reflecting the uncertainty posed by geopolitical events.