Backlash over ‘extraordinarily generous’ £6m golden goodbye for ousted JD Sports boss Peter Cowgill
JD Sports faced a backlash over an ‘extraordinarily generous’ £6.4million deal for former boss Peter Cowgill.
The sportswear retailer will pay him £2million over the next three years to advise chief executive Regis Schultz and chairman Andy Higginson.
He will get a further £3.5million to not work for a rival for two years. And the 69-year-old will be paid a £906,000 salary for his year-long notice period, taking the total to £6.4million.
JD Sports will pay ousted former boss Peter Cowgill (pictured with Prince Charles) £2m over the next three years to advise chief exec Regis Schultz and chairman Andy Higginson
The agreement comes four months after Cowgill was ousted after 18 years in charge. In that time, he was paid more than £40million.
He left after a series of corporate governance scandals, including a £4.3million fine from the competition watchdog.
Independent analyst Richard Hyman said: ‘In the circumstances it seems extraordinarily generous.’
High Pay Centre director Luke Hildyard said: ‘The board, who have worked closely with Cowgill, can hardly be considered independent on the matter’.
Higginson said Cowgill was key to JD’s ‘incredible success’ and said he did not want to lose such ‘hugely valuable’ experience.