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Future of British Business

JD Sports to Pay Former CEO Cowgill £5.5 Million After Exit

JD Sports Fashion Plc will pay former boss Peter Cowgill at least £5.5 million ($6.3 million) as part of an exit deal after he was ousted in May amid concerns over the company’s governance practices, including a meeting he held in a parking lot with the head of a rival company.

As part of the accord Cowgill is prevented from working or advising any competitors to the British sports chain and he cannot solicit any of its employees, according to a statement Wednesday. He will also be kept on as a consultant to support chair Andy Higginson and CEO Regis Schultz.