Mike Ashley’s Sports Direct business has confirmed the departure with immediate effect of independent non-executive director Chris Bulmer and named two new non-executives.
Malcolm Dalgleish, head of retail in Europe, Middle East and Africa at property firm CB Richard Ellis, and Dave Singleton, a former senior vice-president at sports giant Reebok, both join the Sports Direct board immediately.
The appointments will provide some reassurance that the controversial retailer is making progress on strengthening its board. However, Bulmer’s sudden departure will also spook investors, who have been infuriated by Sports Direct’s share price fall since its IPO earlier this year and the retailer’s weak corporate governance regime.
Simon Bentley, Sports Direct’s acting chairman until a replacement is found for David Richardson who quit months after the flotation, said: “These appointments strengthen the board significantly and Dave and Malcolm’s experience and proven track records will be of great value. At the same time, we are sorry that Chris has decided to step down.”
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