It’s over.
After a two and half year search, the UK’s biggest sports retailer has finally found someone brave enough to take on the job of chairman.
From RNS on Tuesday.
Sports Direct International plc today announces the appointment of Dr Keith Hellawell QPM as non-executive Chairman of the Board with immediate effect.
Yep, that’s the UK government’s former drugs tsar and former chief constable of two British police forces. He also supports the death penalty. QPM stands for Queen’s Police Medal, by the way.
Quite what possessed him to take the job (surely one of the toughest in UK retailing given the maverick the nature of the company’s biggest shareholder, Mike Ashley) is beyond us. That said, his appointment is not without merit given some of the issues facing Sports Direct.
Issues such as this:
10th September 2009
OFT and SFO Investigations
Sports Direct International plc (‘Sports Direct’) confirms that it is assisting and cooperating fully with the Office of Fair Trading (‘OFT’) and the Serious Fraud Office (‘SFO’) in connection with investigations that they are carrying out.
The OFT has indicated that it is conducting an investigation into a suspected overarching agreement to dampen competition in the sports retail market.
As part of those investigations, representatives from the OFT and SFO are visiting Sports Direct’s Head Office in Shirebrook today. Sports Direct cannot comment further on the investigations at this stage.
Remember, also, that Hellawell was for a time chairman of Goldshield, the generic drug firm that had its own run-in with the SFO, being accused — and subsequently cleared — of price-fixing allegations.
No wonder Simon Bentley, acting chairman of Sports Direct, is sounding pleased as punch with his new hire.
I am very pleased that Keith has agreed to join us and look forward to working closely with him. He brings with him a wealth of experience at the highest levels of both public and private sectors and will make a major contribution to the development of the Company.
Share price reaction, thus far, is muted. This is perhaps somewhat surprising given that Hellawell would surely have done extensive DD before taking on the position.
Related link:
Call off the search, ITV edition – FT Alphaville
Welcome to the world of sporting retail… – FT Alphaville
The Bank of Mike Ashley – FT Alphaville
You’re fired – FT Alphaville