By Emily Hawkins
Former JD Sports’ boss Peter Cowgill is set to receive £5.5m after making his departure from the sportswear retailer.
After decades at the helm of the London-listed firm, Cowgill stepped down following several brushes with the competition watchdog.
Now, JD Sports has said it has agreed exit terms with Cowgill, including a £3.5m payment over two years for agreeing to certain limits and £2m over three years for a consultancy agreement.
Cowgill has also been paid his salary, benefits and will be eligible for any annual bonus, up until 25 May.
A “binding set of new and enhanced restrictive covenants for a two-year period,” have been agreed, preventing cowgill from working for or advising rivals or soliciting any of JD Sports’ employees.
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