Up-to-date coverage of the latest events in UK retail.
Sports Direct boss Mike Ashley faces growing shareholder revolt
A third proxy advisor has called for shareholders to vote against Mike Ashley re-appointment as chief executive at Sports Direct at its upcoming annual general meeting (AGM).
Insititutional Shareholder Services (ISS) has joined advisory firms Glass Lewis and Pirc in advising Sports Direct shareholder against Ashley’s re-election as a director at the company at its AGM next month.
ISS said that supporting Ashley is “not considered warranted in light of ongoing operational, governance and risk oversight concerns”, including the retailer’s auditor Grant Thornton stepping down and ongoing issues at House of Fraser.
Shoe Zone issues profit warning as chief executive exits
Shoe Zone chief executive Nick Davis has resigned from his role as the retailer warns that full-year profits will be below expectations due to “tough high street trading.”
The budget footwear specialist’s said that Davis, who has acted as chief executive for the last three years, has tendered his resignation to “pursue other business interests.”
He will be succeeded by executive chairman Anthony Smith, whole will take on the role on a permanent basis, while current chief operating officer Charles Smith acts as executive chairman on an interim basis.
Shoe Zone said that trading since its interim results in May had been “challenging” as strong performances across its big box stores and ecommerce platform had “been offset by the tough high street trading environment.”
As a result, the footwear retailer said it “now expects to deliver a full year performance below its expectations.”