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Pharma & Biotech

Sports Direct loses two bosses in three weeks

News of finance chief Matt Pearson jumping ship was one of the most tweeted stories .

Just when you thought it couldn't get any more surreal over at Sports Direct PLC (LON:SPD), the company revealed the second boss has quit in just three weeks.

News of finance chief Matt Pearson jumping ship was one of the most tweeted stories closely followed in social media of the day and shares in the firm shed 0.43% to stand at 278.5p. It's timing - just days after a profit warning amid sterling's overnight "flash crash" - is also conspicuous.

It comes after founder and controversial figure Mike Ashley stepped in to replace Mike Forsey as chief executive, after the latter left after months of criticism and controversy over the group's Dickensian working practices from almost all quarters, including from its own shareholders.

The FD of Sports Direct, Matt Pearson,, has resigned so now there is another Acting CFO, one Herbert Monteith...

— Nick Bubb (@NickBubb1) October 13, 2016

Pearson was only given the job of acting chief financial officer just over a year ago and the sports retailer has not had a permanent FD since 2013.

Never short on newsflow, Sports Direct attracts headlines like it does those looking for new trainers, and last week it issued another in a string of profit warnings.

It said the slide overnight had lost it £15mln as the firm had had hedged its dollar currency exposure at US$1.19 to £1.

Once the pound crashed through that level because of the trade overnight it cost Sports Direct £15mln.

In addition, the company said if the currency rate stays at around US$1.20 until the end of its financial year next April it would cost it a further £20mln.

One might say "The Times They Are A-Changin" certainly over at Sports Direct to quote from another big trending story today US singer songwriter and artist Bob Dylan has won the 2016 Nobel prize for literature.

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