Britain's sportswear retailer, JD Sports Fashion has signed a deal with former executive chairman Peter Cowgill.
The company will pay him 5.5 million pounds to act as a consultant as well as to restrict him from working for or advising any of the JD's competitors, and prevent him from soliciting any of its employees.
Commenting on the update, Andy Higginson, JD Sports plc chair said: "Peter has hugely valuable experience built over 18 years which we do not want to lose and both Régis and I are delighted to be able to benefit from his considerable talent and advice. We are pleased to have settled the terms of his departure and more importantly, to have secured a seamless handover and access to his decades of experience, whilst best protecting our commercial interests.”
The company said in a release that it will pay Cowgill 3.5 million pounds over two years to prevent him from working for or advising any of the company's competitors.
The second deal, JD added, is a consultancy agreement for an expected period of three years for which Cowgill will be paid 2 million pounds phased over the life of the agreement. This agreement ensures that both Andy Higginson and Régis Schultz receive his continuous support and assistance as they transition in their new roles.
The company further said that for the period up until May 25, 2022, Cowgill has been paid his salary, contractual benefits and will be eligible for any appropriate annual bonus, which will be paid on a pro rata basis for the period he remained in full time employment. For the period post May 25, the company will honour his contractual notice period of twelve months.