JD Sports tumbles 6.5% after boss Peter Cowgill sells another £21m worth of shares
JD Sports boss Peter Cowgill
JD Sports boss Peter Cowgill has sold £21m worth of shares in the shoe seller.
It is the third big sell-off by the executive chairman in a year and a half, with the 68-year-old scooping a total of £53million in the deals. In June 2020 Cowgill sold shares worth £13million and in October that year he sold a £19million chunk.
Cowgill, who has been at the helm of the so-called King of Trainers since 2004, yesterday sold another 10m shares, or around half his stake in the business. He said the shares were sold for ‘personal reasons’.
The announcement sent shares tumbling by 6.5 per cent, or 13.55p, to 197.95p.
Berenberg analysts stressed that Cowgill remains ‘fully committed’ to JD given he still owns around £20million worth of shares in the business.
And the investment bank said concerns about the sale were ‘overdone’, noting Cowgill’s future pay will include incentives given in shares.
Cowgill was criticised last year over his £4.3million pay packet, handed out despite the company receiving £100million of Government support during the pandemic.