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Sports Direct acting CFO departs

Sports Direct’s acting chief financial officer, Matt Pearson, has resigned just days after the sports retailer issued a profit warning.

Pearson has been at Sports Direct for more than nine years, and was promoted to acting CFO in June this year. He was previously group financial officer.

He is expected to stay at Sports Direct until the end of December. Herbert Monteith, a longstanding member of the finance team, has been appointed as interim head of finance but will not join the board.

It comes after Sports Direct blamed the flash crash in the value of sterling for a shift in its profit expectations for the 2017 financial year.

The retailer had previously expected underlying EBITDA for 2017 to be in the region of £300m, based on an exchange rate of $1.30 to the pound. But the crash wiped £15m from its bottom line. Sports Direct warned that, if the value of the pound remains low, it could stand to lose a further £20m.

Last month, Sports Direct chief executive Dave Forsey resigned after 32 years. He was replaced by Mike Ashley, the company’s founder and majority shareholder.


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