The director of one of JJB’s largest shareholders has been appointed to the sportswear retailer’s board.
Crystal Amber director Richard Bernstein is the first shareholder to take up the right to hold a board position which JJB offered during its restructuring earlier this year.
Bernstein takes the role as chairman of the retailer’s newly formed corporate social responsibility committee and will join its remuneration committee.
JJB Sports chairman Mike McTighe said: “We are delighted that Richard has been nominated to the board. He brings significant experience and insight and I am looking forward to his contribution and working with him on the turnaround of JJB.”
JJB Sports remuneration committee chairman David Adams said: “Richard has much to add to the workings of the remuneration committee as we seek to incentivise our senior executives to meet the stretching targets we have set.”
Crystal Amber, which holds 7% of the retailer’s shares, supported JJB through its continuing woes. The retailer secured a £65m capital raising from its shareholders last week, the final step in JJB’s survival bid which included securing a CVA which enables it to shed 43 stores over the next year.
The funds will be invested in undertaking the sports retailer’s revised business plan. It plans to revamp its store portfolio and invest in maintenance and IT.