BusinessCompany NewsInvestors demand new FD for Sports Direct

Investors demand new FD for Sports Direct

City wants controversial sports retailer to replace long-serving FD Bob Mellors

Mike Ashley, the under fire founder of Sports Direct, has come under further
pressure from investors who want him to replace his finance director Bob
Mellors.

The Sunday Times reports that investors are pushing Sports Direct,
which is touring shareholders following the release of its financial results, to
axe Mellors.

Sports Direct’s share price has halved since its float five months ago, and
angry investors believe that replacing Mellors will resurrect the stock.

‘Ashley is not as bad as he comes across,’ said one investor. ‘He is an
impressive entrepreneur who knows the business better than anyone. But what he
needs – and we need – is a proper finance director who can keep on top of the
numbers.’

Mellors has come in for criticism for the way the company’s financial
information has been presented, with some analysts describing presentations as
‘farcical’.

Ashley, however, said Mellors is essential to his business. ‘Bob Mellors is a
cornerstone member of the team. He has been with me since the start and losing
him would only put the company back not forwards,’ he said.

Further reading:

Sports Direct boss slams City ‘cry babies’

Sports Direct chairman quits after just three months

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