After months of anticipation, JD Sports Fashion PLC (LSE:JD.) finally named the permanent successor to former chief executive Peter Cowgill.
Regis Schultz, former chief operating officer at Kingfisher subsidiary B&Q, will take over from interim chief executive Kath Smith in September, the FTSE 100 group confirmed today.
The French businessman will be joining the firm from Al-Futtaim Group, a Dubai-based conglomerate which is a partner to many of the world's most high-profile companies across several sectors, including retail, automotive and financial services, and where he has been president of retail since 2019.
In addition, Schultz has more than a decade's experience acting as chief executive of major retail businesses.
Prior to joining Al-Futtaim, he was boss of Monoprix, France's leading city-centre food and fashion retailer that is part of Groupe Casino.
During his time there he launched and executed a new digital strategy, signed a partnership with Amazon, concluded the first international partnership with Ocado and closed the acquisition of an online shoes pure player.
His time at Kingfisher
After stints as chief financial controller and chief financial officer at Pernod Ricard, the company behind brands such as Absolut vodka and Jameson whisky, and drinks brand Pampryl, Schultz joined Kingfisher in 2000.
The Frenchman started at Castorama, Kingfisher’s French DIY chain, as chief financial officer before moving on to become deputy chief executive officer.
After three years in France, he made the switch across the channel to London, where he was promoted to the role of strategy and development director of Kingfisher, and elevated to the executive board.
During his five years there he also stepped up as chief financial officer, commercial director and chief operating officer for B&Q, the UK arm of Kingfisher.
What can JD expect
Well, according to a note from UBS, the appointment of the 53-year-old means two things.
One, it removes another area of uncertainty that had been a cloud over the business, after it announced the sale of Footasylum on Monday (Aug 1).
Cowgill’s departure in May meant one of the biggest companies in the UK was without permanent leadership. In other words, JD was in danger of becoming a rudderless ship.
The arrival of Schultz should bring some stability and focus once again, although an update issued a few weeks ago would suggest the FTSE 100 company remained on track to meet expectations.
UBS also suggest that Schultz’s “extensive industry experience across a variety of retail formats and markets” will please investors, although today’s share price movement, down 3%, would suggest his appointment was largely a 'meh moment'.
Finally, a report by Sky News last week, when the new boss was first linked to the role, reckoned Shultz stood out as the top because of his digital transformation skills and track record.
His successes at French retailer Monoprix most impressed. There, he acquired E-shopping start-up Epicery, took over e-commerce fashion retailer Sarenza and launched a partnership with Amazon Prime.
Additionally, he signed agreements with Ocado for express deliveries, as well as other initiatives such as online recipes with Jow, a personalised grocery shopping app and in-store mobile payments.
All these points toward JD moving towards a digital overhaul, whether that be through parentship or launching its own services.
Schultz will be looking to leave his mark on JD and continue from Cowgill's undisputed success.
Just don't expect it to be done in the same way.