This content is not available in your region

Sports Direct's chairman to stand down at AGM

Access to the comments Comments
By Reuters
Sports Direct's chairman to stand down at AGM
FILE PHOTO: A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook, January 5, 2017. REUTERS/Darren Staples/File Photo   -   Copyright  Darren Staples(Reuters)

LONDON (Reuters) – British retailer Sports Direct <SPD.L> said its chairman Keith Hellawell would step down at its annual general meeting on Wednesday after nine years in the role and would be replaced by non-executive director David Daly.

Three shareholder advisory groups had urged investors to vote against the re-election of Hellawell, a 76-year-old former police chief constable and government drugs czar, over concerns about employment practices and what they say is Sports Direct’s continuing poor corporate governance.

Hellawell said he was stepping down after overseeing significant improvements in the working practices and corporate governance of the company, which is controlled by founder and majority shareholder Mike Ashley.

(Reporting by Paul Sandle; editing by Costas Pitas)