Sports Direct finance chief resigns

Sports Direct will part company with chief financial officer (CFO) Matt Pearson at the end of the year, with the announcement coming less than week after the troubled sports retailer delivered yet another profit warning.

Founder Mike Ashley, who recently took over the chief executive seat after Dave Forsey was ejected, has promoted Herbert Monteith, a long-standing member to the finance team, to the role of interim head of finance.

Nine-year company veteran Pearson, who it was said has resigned in order to take up a role with a different employer, remaining at the FTSE 250 company in an acting role until 31 December.

Last Friday the company revealed the slump in sterling would result in a £15m hit to profits from a currency hedge it had taken out, with a further £20m impact if rates remain around current levels.

The company confirmed on Thursday that trading had remained in line with that announcement.

Independent retail analyst Nick Bubb said: "Amazingly, despite the debacle about the lack of hedging of the dollar exposure... Pearson, has been able to find another job, so he has resigned."

He added: "The City is unlikely to be impressed with the news, particularly as there is no mention of any interest in an external candidate for the role."