JJB directors are to be incentivised with a reward scheme that would result in them winning as much as £73.5m in shares if they succeed in turning around the fortunes of the sports retailer.
The plan will award shares to chairman Mike McTighe, chief executive Keith Jones, finance director Dave Williams and senior independent non-executive director David Adams and senior managers.
Those eligible will start receiving shares if the market capitalisation of the retailer rises to more than £96.5m, the amount that shareholders invested in its restructuring earlier this year. JJB’s value at the start of the week was just £60m.
A cap has been placed on the plan to prevent participants receiving more than 15% of the company, which would be triggered if its value tops £490m.
JJB non-executive director Richard Bernstein said: “I believe that it is appropriate to align shareholders’ interests with those entrusted to deliver on the turnaround.
“For these targets to be met, a substantial share price increase will be required.”
The retailer has called a general meeting to approve the scheme.