Her departure from controversial tycoon Mike Ashley's business is understood to have been prompted by the retailer’s failure to conform to corporate governance norms and, in particular, lack of progress in appointing a chairman.
Bulmer is the second board member to quit since Sports Direct's float in February. Former chairman David Richardson, who joined Sports Direct for its IPO, quit in May after differences with Ashley. Since then, Simon Bentley has been acting chairman.
Bentley, a former boss of Black’s Leisure, is regarded as being close to Ashley. Investors have become increasingly frustrated with Ashley and Sports Direct’s maverick style and will be further unnerved that Bulmer is also to leave.
Bulmer's shock departure will leave the troubled sports retailer without any independent directors and further destabilise Ashley’s relationship with the City.
Since floating Sports Direct, Ashley has been lambasted for a perceived failure to communicate with analysts and investors. Shares have slumped.
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