Sports Direct’s CFO leaves company after presiding over three profit warnings
Sports Direct has said this morning that its acting chief financial officer will leave at the end of the year.
Matt Pearson became CFO last June and has presided over a tumultuous year for the company, including a parliamentary inquiry into working conditions and wages and three profit warnings. Most recently, the company issued a profit warning due to Sports Direct's lack of hedging.
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Sports Direct's share prices increased two per cent on the news.
Pearson's resignation comes after a string of high-profile departures at the company. Less than a month ago, Dave Forsey was replaced as chief executive by Mike Ashley.
The retailer's top property aide Allawee Albaghdadi has also jumped ship months after Ashley hired his daughter's boyfriend to run Sports Direct's property portfolio.
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Herbert Monteith, a member of Sports Direct's finance team, will become the acting head of finance.
Retail analyst Nick Bubb said:
Amazingly, despite the debacle about the lack of hedging of the dollar exposure, which resulted in another profit warning, Matt Pearson has been able to find another job.
The City is unlikely to be impressed with the news, particularly as there is no mention of any interest in an external candidate for the role.
In a statement this morning, Ashley said: "Matt has been a valued member of the Sports Direct family for over nine years and he will be a loss to the company."