29th Feb 2016 06:43
LONDON (Alliance News) - Sports Direct International PLC founder Mike Ashley is facing fresh calls from investors to shake up the board of the retailer and replace its chairman, the Financial Times reported.
Some shareholders are understood to have become increasing disillusioned with the way Ashley, who is executive deputy chairman of the group and owns a 55% stake, runs the company.
Among the gripes is that the lack of experience of Chairman Keith Hellawell in sporting goods retailing is holding back the business as trading conditions have weakened, the FT said.
The shareholders claim Hellawell, who has been chairman since 2009, has failed to challenge Ashley on strategy and expansion plans for Sports Direct, and this has been partly responsible for the fall in its share price.
https://next.ft.com/content/def4384e-dc91-11e5-827d-4dfbe0213e07
By Sam Unsted; [email protected]; @SamUAtAlliance
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