Sports Direct’s acting chief financial officer, Matt Pearson, has resigned just days after the sports retailer issued a profit warning, blaming an “extreme” drop in the value of the pound.
Pearson, who has been at Sports Direct for more than nine years, was promoted to acting CFO in June this year. He was previously the company’s group financial officer.
He is expected to stay at Sports Direct until the end of December and Herbert Monteith, a longstanding member of the finance team, has been appointed as interim head of finance to help manage his departure.
The troubled retailer warned profits would be down earlier this month. The company 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.
However, it said an unexplained crash in the value of the pound earlier this month had wiped £15m from its bottom line and added that if the value of the pound remains low, it could stand to lose a further £20m.
Source: https://www.drapersonline.com/news/sports-direct-acting-cfo-departs/7012931.article
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