Peter Cowgill had been in line for his JD Sports salary to swell to more than £900,000 before his sudden resignation in May, it has been revealed.
Mr Cowgill stepped down from his role as executive chairman of the Greater Manchester-headquartered giant after 18 years.
In a statement issued at the time, JD Sports said the move was “as a consequence of an ongoing review of its internal governance and controls” and a decision to “accelerate the separation” of the roles of chair and chief executive.
READ MORE: JD Sports boss Peter Cowgill quits as executive chairman with immediate effect
It has now been revealed, in the company’s annual report, that Mr Cowgill’s basic salary had been due to be increased by an extra £43,000 to £906,000 had he stayed in his post.
JD Sports said the 5% rise would have been “in line with the wider workforce percentage increases”.
The report also reveals that the salary of company’s chief financial officer, Neil Greenhalgh, is also set to jump by £100,000 to £450,000
JD Sports said: “Although the increase for the chief financial officer is at a materially higher rate than those given to the wider workforce, the [remuneration] committee believes that it is pivotal that he continues to remain motivated to deliver superior performance for the group by a fair remuneration package based on the size and complexity of the role.”
The group added that it compared the salaries of CFOs at companies such as Next, ASOS, John Lewis, Tesco and Unilever as part of its review.
It also hired “external remuneration consultants” for a more “in-depth benchmarking exercise” across the industry.
Mr Greenhalgh joined the group in June 2004 and was appointed CFO in November 2018 having been promoted from his previous role as group finance director.
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