Mike Ashley will step down from the board of Frasers Group, which owns excessive avenue manufacturers together with Direct Sports activities and Home of Fraser, 40 years after he opened his first sports activities retailer in Maidenhead.
The corporate introduced that the billionaire retail tycoon, founding father of the UK’s largest sporting items chain Sports activities Direct, won’t stand for re-election as a director at this yr’s annual assembly on October 19.
He’ll stay as the corporate’s controlling shareholder with practically 70% of the shares, and can proceed to behave as an advisor to the board and senior administration.
Ashley stepped again from working Frasers in Could, when he put in his son-in-law, Michael Murray, as chief government. A former worker described Murray as “a extra acceptable model of Mike Ashley”.
Ashley stated: “Since Michael Murray took over the management of Frasers Group earlier this yr, the enterprise has gone from energy to energy. It’s clear that the group has the best management and technique in place and I’m very assured in passing the baton to Michael and his crew.”
“Though I’m stepping down from the board, I stay 100% dedicated to supporting Frasers and Michael’s plans and ambitions, and I stay up for serving to the crew once they want me. My dedication and help as a Frasers shareholder is as sturdy as ever.
Frasers stated Ashley would offer the group with extra funding of £100m, as a part of its persevering with help for the enterprise.
Murray stated: “Mike has constructed a tremendous enterprise during the last 40 years and, on behalf of the board and the group, I need to thank him for every thing he has accomplished. With our new technique and management crew, we’re working this enterprise shortly and we’re delighted for the longer term.
Frasers just lately rejoined the FTSE 100 index of main UK shares after a six-year absence. The group, which then traded as Sports activities Direct, fell off the blue-chip index in 2016 after its share value fell on the again of a Guardian investigation that exposed poor pay and dealing situations on the firm in addition to poor buying and selling in its shops. .
Ashley acquired the Home of Fraser division retailer chain in 2018 and has invested closely within the luxurious Flannels chain. Frasers share value adjustments within the final yr.