Sportswear giant JD has reportedly blocked non-executive director Kath Smith from joining online fashion retailer Boohoo in the same role.
The online fashion group announced the appointment of Smith last month, effective from 1 May.
Boohoo’s group CEO Mahmud Kamani had said: “Her commercial insight will be a great asset to the board and the business as it continues to develop and grow. We are looking forward to working with her.”
However, JD Sports has now withdrawn consent for the appointment, with Boohoo having to “seek a suitable replacement as soon as possible.”
In a statement released yesterday (4 May), Boohoo said it was “disappointed to report that JD Sports Fashion has withdrawn its consent for Kath Smith to join the Boohoo board, as previously announced.”
In March the Financial Conduct Authority (‘FCA’) announced a temporary relief for listed companies that are due to report financial results during the current coronavirus crisis.
This temporary relief extends the period in which listed businesses are required to publish their audited financial statements, from four months to six months.
JD Sports’ board believes that it is in the “best interests” of investors and other stakeholders for the group to announce its results at a later date, so as to provide the “greatest amount of clarity” on the impact of Covid-19 on the group’s performance for the current financial year to 30 January 2021.