 Mike Ashley launched his business in 1982 |
The chairman of sports retailer Sports Direct has quit the business less than three months after it floated on the stock market. David Richardson departed his post citing problems working with other directors, including the firm's founder and main shareholder Mike Ashley.
The firm's shares have fallen sharply in value since Mr Ashley decided to sell a 43% stake in March for �929m.
Mr Ashley hit the headlines this month by bidding for Newcastle United.
Share slide
The UK's leading sportswear retail business encompasses London's Lillywhites store, the Sports World store chain and clothing brands Dunlop, Lonsdale and Slazenger.
Mr Richardson's role will be filled temporarily by fellow director Simon Bentley, former chairman of retailer Blacks Leisure.
Announcing his departure, Mr Richardson said he had "been unable to establish a strong working relationship with the executive team" at the business.
His exit was greeted with dismay by City analysts, who have already expressed some concerns about future trading prospects.
"As much as we like the company, and Mr Ashley, we cannot at present go on recommending the stock," said Richard Ratner, from Seymour Pierce.
Sports Direct shares fell 4% after the announcement.
Its shares have dropped by nearly a third since the firm's flotation although the business still has a stock market value of more than �1.5bn.
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