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Sports Direct Founder Mike Ashley Takes CEO Role Following Dave Forsey's Resignation

Retailer Sports Direct, which is "trying to mend its battered image," named its billionaire founder and controlling shareholder Mike Ashley as CEO on Friday after Dave Forsey quit the role, according to James Davey of REUTERS. Forsey, "who has been with the firm for 32 years, resigned as CEO on Thursday, it said." Sports Direct has had a "disastrous" '16. Lawmakers have condemned it for "Victorian" working conditions, investors and media have "slammed it for dire corporate governance and trading has been poor with a series of profit warnings issued." The 450-store sportswear chain said that Forsey "would be replaced by Ashley." Forsey has, however, "agreed to facilitate a smooth handover of his responsibilities." Ashley said of Forsey's departure, "I feel like I have lost my right arm." No explanation was given for his exit (REUTERS, 9/23).

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