JD Sports to pay former boss Peter Cowgill £7m golden goodbye

theguardian.com:

JD Sports is paying its former boss Peter Cowgill £5.5m over three years, on top of a year’s salary worth more than £906,000 and a potential bonus worth up to £450,000, under a deal to prevent him setting up a rival retailer.

Under the agreement, Cowgill will not be able to work for or advise any of JD Sports’ competitors for two years or to hire any of the group’s employees.

In addition, he has agreed to provide advice to its, new chair, Andy Higginson, and chief executive, Régis Schultz, for an “expected period” of three years.

The sports and leisurewear retailer said Higginson and Schultz would receive Cowgill’s continuous support and assistance, “as they transition in their new roles”.

Higginson said: “I am pleased that we have been able to reach this amicable and constructive way forward with Peter covering the next three years. Peter has hugely valuable experience built over 18 years, which we do not want to lose, and both Régis and I are delighted to be able to benefit from his considerable talent and advice.

“This caps off what, by any measure, has been a remarkable period of executive leadership by Peter who has been such a core part of the business’s incredible success story to date.

“Having now separated the roles of chair and chief executive, recruited a new chief executive who brings a strong international and digital track record, as well as locking in the knowledge and experience of Peter, JD is well positioned for a period of continued commercial outperformance underpinned by strong corporate governance.”

The multimillion-pound golden goodbye, is the latest pay out from JD for Cowgill, who had already cashed in £50m of shares in the company in the past two years.

The 69-year-old unexpectedly stepped down on 25