JD Sports Fashion shares rose 2.4% to 125.3p in late morning trading on Friday after the retailer announced its appointment of Andy Higginson as group chair.
Higginson is set to take up the position from 11 July 2022, following an extensive search by the board with the support of an external search company.
The move comes after the widely-publicised resignation of Peter Cowgill as chairman after 18 years in the position.
JD Sports Fashion commented that Higginson was an experienced and trustworthy retailer and chair, with over 28 years of continuous non-executive director experience on PLC boards, including almost 15 years at Big 4 grocer Tesco.
“The Board was impressed with the high-quality candidates that we met throughout the recruitment process,” said JD Sports Fashion interim chair Helen Ashton.
“Andy, however, stood out as the best candidate with his extensive Board experience including as a Chair and his strong track record in the international retail sector. It is a testament to the quality and attractiveness of JD that we have recruited Andy to the important role of Chair.”
“JD is a great business with a clear strategy, occupying a unique place in the market and we look forward to working with him on our global development opportunities.”
Higginson’s latest role was as chair of William Morrison Supermarkets from January 2015 until the business was taken over by private equity firm CD&R LLP in November 2021, during which time he managed a huge turnaround of the business and delivered value realisation for shareholders.
The chair-elect for JD Sports Fashion is also currently employed as senior director at Flutter plc.
“Having closely followed JD’s success over the years, I see it as an exceptional business, with a strong strategic position,” said Higginson.
“The Board has clearly been addressing its governance and risk management structure and I very much look forward to working with the Board and the senior management team, including our new CEO once appointed, to bring my experience to bear and capitalise on the strength of the brands, market positions and channels to market including the global retail store network.”