Sports Direct shareholders have opposed the re-election of the company’s chairman, Dr Keith Hellawell.
The company stated that it was disappointed that the resolution to re-elect the chairman was not approved by a majority of their independent shareholders.
Sports Direct confirmed that in accordance with the UKLA Listing Rules this resolution will be put to shareholders at a general meeting to be held within 90 and 120 days of today’s date and Hellawell would remain in his role until the date of that general meeting.
Dr Hellawell said: “I take this clear message from our independent shareholders seriously, and I will do my best to address their concerns and earn their confidence over the next year.
“I have confirmed today that should I not receive the support of a majority of our independent shareholders at next year’s AGM, I will step down at that time with immediate effect.”
Dr Hellawell had offered to step down over the weekend in the light of the shortcomings highlighted in a critical report published on Tuesday, however, it was rejected by the board of directors.
