Keith Jones, the Chief Executive Officer (CEO) of ailing sportswear retailer JJB Sports, is to step down from the board with immediate effect, but will hang around until to the end of August to ensure an orderly handover to his successor.
Unfortunately, JJB does not have a successor yet but the company says it is in advanced discussions with someone who will act as an interim CEO.
Jones's abrupt departure follows less than three weeks after US retail veteran Bob Corliss took on the role of deputy Chairman as a prelude to succeeding Mike McTighe as Chairman at the beginning of September.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Corliss's arrival and Jones's exit may not be entirely coincidental. While Jones has been at the helm JJB has issued a string of profit warnings, the most recent of which came on July 19th, and has seen its share price plunge from 239p to around 6p.
Corliss's arrival at the firm followed a strategic investment in JJB by US outfit Dick's Sporting Goods which gained it representation on the board.
JJB's shares rose five-eighths of a penny to 6p on the announcement.
JH
