JD Sports Fashion PLC (LSE:JD.) said executive chairman Peter Cowgill will step down with immediate effect, to be replaced by a former Adidas and Reebok chief.
In a statement, the company said the decisions were taken as part of the ongoing review of its internal governance and control, and that it had decided to “accelerate the separation of the roles of chair and chief executive officer".
The company was hit with a £4.3mln fine by the Competition and Markets Authority earlier this year after finding that its rules had been breached following the blocking of its takeover of smaller rival Footasylum.
Kath Smith, a non-executive director and senior independent director, will become interim chief executive.
The company said Smith has “considerable sports and outdoor industry experience”, having worked for over 25 years in the sector, previously in the role of managing director of the Adidas and Reebok brands and as GM and vice president of The North Face EMEA.
Smith will “work closely with the senior leadership team to continue to deliver the group’s proven and successful strategy”, the statement said.
Helen Ashton, also a non-executive director and chair of the audit and risk committee, will become interim non-executive chair.
Ashton joined the board the last November and has held executive positions at ASOS, Lloyds Banking Group and Barclays, as well as being a chief executive at high-growth private businesses.
The process to recruit a chief executive remains ongoing, the company said, adding that it will commence the process to recruit a non-executive chair.
“As we capitalise on the great opportunities ahead of us, the board is committed to ensuring that we have the highest standards of corporate governance and controls appropriate to a FTSE 100 company to support future growth,” said Ashton.