TOP NEWS: Sports Direct CEO Ashley May Leave To Become Debenhams Exec

LONDON (Alliance News) - Sports Direct International PLC late Thursday said it has requisitioned ...

Alliance News 7 March, 2019 | 6:34PM
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LONDON (Alliance News) - Sports Direct International PLC late Thursday said it has requisitioned a general meeting of Debenhams PLC to appoint Mike Ashley and to remove all of the current members of the board.

The FTSE 250-listed retail company's Chief Executive Ashley is seeking appointment to the board of directors at struggling department store operator Debenhams to carry out an executive role, and focus on the Debenhams business, including building a strong board and management team.

If appointed, Sports Direct said Ashley would step down from his current roles as a director & CEO of Sports Direct. He would be replaced as acting chief executive by Chris Wootton, currently Sports Direct's deputy chief financial officer.

"Sports Direct wishes to reassure its shareholders that, if Ashley were to be appointed to the board of Debenhams and step down from his roles at Sports Direct, Sports Direct and Ashley have every confidence that acting chief executive Wootton and the other members of Sports Direct's board and management team have the necessary expertise to continue to successfully run the Sports Direct business," the company said in the statement Thursday.

Sports Direct shares closed 0.9% lower on Thursday at 263.00 pence each, while Debenhams shares ended the day down 1.1% at 3.06p.

By Evelina Grecenko;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Sports Direct International PLC 320.60 GBX 0.56 -

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