Sir David steps down to continue his brave battle

Ilkley-based Sir David, the former chief executive of Next, has

suffered from the debilitating disease since 1981. JJB said its board had "reluctantly" accepted his resignation. Sir David, who was knighted a year ago for his services to retail, will stand down from the board at the end of the month. He will remain as non-executive director to "continue to give the board the benefit of his outstanding experience and retail skills".

JJB revealed Sir David's resignation as they posted a continuing slide in sales and gross margin. The group, which staved off collapse with a debt restructuring last year, has been struggling with suppliers holding back stock.

But JJB said its stock position is "steadily improving" and is receiving stock for its new spring ranges. The group said it is on target to be fully stocked by April, in time for Easter and the World Cup. Its stock holding is now worth 74m, compared with 50m at the end of July.

Sir David joined JJB in 2007 before being appointed executive chairman in January last year. He was also credited with rescuing fashion retailer Next from the brink of collapse in the early 1990s, and turning it into a multi-billion pound company.

Last year, as JJB teetered on the brink of administration, Sir David steered the group through an 83m sale of its fitness clubs, the debt restructuring with creditors, and a 100m capital raising.

John Clare, former chief executive of electricals retailer DSG International and JJB's senior independent director, will be acting chairman until a permanent appointment is made.

JJB has poached DSG's retail director, Keith Jones, to be its new chief executive but he does not start until March.

The group also revealed it has appointed former quadruple Olympic gold winning rower Sir Matthew Pinsent as a new non-executive director, as well as former deputy chief executive of House of Fraser, David Adams.

JJB said like-for-like sales for the 52 weeks to January 24 were 28 per cent down on a year ago, while total revenue slumped 51 per cent while taking into account store closures.

However, JJB said it has seen like-for-like sales improve from a 37 per cent decrease in August to a 21 per cent fall in January.

Sir David could not be contacted for comment.