Peter Cowgill, Executive Chairman, JD Sports Fashion resigned from his post in his company after the multinational retailer announced its plan to separate the roles of Chief Executive Officer and Officer. Currently, Cowgill holds the post.

While the company has been under pressure for some time to do just that, the departure is clearly one that hadn’t been fully planned out as it doesn’t have permanent replacements waiting in the wings. Instead, non-executive directors Helen Ashton and Kath Smith will take on the role of interim chair and interim CEO, respectively.

The move comes as a result of an ongoing review of the firm’s internal governance. But the shock nature of the announcement was clearly not welcomed by some as the firm’s share price dropped over 6 per cent in late trading before the London Stock Exchange closed for the day.