The company includes the Sports Direct, House of Fraser and Jack Wills High Street brands.
Industry titan Mike Ashley is set to step down from the Fraser Group, which he founded and which has become an iconic figure in the retail space after 40 years.
The company, which includes the Sports Direct and House of Fraser brands, announced that its billionaire owner would not stand for re-election as director at this year’s annual general meeting (AGM) and so he would step down from the board on October 19. Will go away this year.
According to the Fraser Group, he will be available “when called for” in an advisory capacity to the Board and senior management. Ashley will also provide an injection of £100 million to support the business and continue its “height strategy”.
He was expected to take a backseat at the Fraser Group after the promotion of his son-in-law, Michael Murray, to lead the day-to-day operations of the retailer in May.
Ashley said, “Since Michael took over the leadership of the Fraser Group earlier this year, the business has grown stronger. It is clear that the group has the right leadership and strategy in place and I would like to hand over Michael and his team to leadership. I am very sure.
“While I am stepping down from the board, I remain 100% committed to supporting the plans and ambitions of Fraser and Michael, and I look forward to helping the team whenever they need me. As a shareholder of Fraser My commitment and support to you is as strong as ever.”
Murray continued: “Mike has built an incredible business over the past 40 years and on behalf of the Board and the group, I want to thank him for all the work he has done. With his new strategy and leadership team, we We’re growing this business at a fast pace and we’re all looking forward to the future.
“We are grateful that Mike’s support and expertise is available to us as we continue the next phase of the Fraser Group journey.”
Last week the Fraser Group’s takeover bid for Australian online flash sale discounter My Sale was rejected by the group because it did not consider the words “reasonable” or “appropriate”.
Credit: www.standard.co.uk /