Retailing group JD Sports Fashion today revealed that its chief executive Barry Bown is stepping down from the board with immediate effect after 30 years with the company.
The group, which bought a controlling stake in Scottish outdoor retailer Tiso late last year, said there were no immediate plans to replace him. Bown is expected to receive a payoff of up to £318,000 in line with his basic salary and one-year rolling contract.
Last year he also got a bonus equal to his basic salary, taking his package to £636,000. The growth strategy of JD Sports has long been led by executive chairman Peter Cowgill.
JD Sports said Bown, who was appointed chief executive in 2004 after holding several other senior roles in the company, had taken the decision to step down, but would continue to work with the retailer as a consultant.
In its most recent financial year the group posted a 27 per cent rise in profits to £77 million.