REG - Frasers Group PLC - Mike Ashley to stand down as Director at 2022 AGM

FrasersAnnouncement

20/09/2022 07:00

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RNS Number : 9297Z  Frasers Group PLC  20 September 2022

Frasers Group ("The Group") today announces that Mike Ashley will not be
standing for re-election as a Director at this year's Annual General Meeting
and he will therefore step down from the Board upon the conclusion of the AGM
on 19 October 2022.  Mike Ashley will continue to be available to the Board
and Senior Management in an advisory capacity when called upon.

As part of Mike Ashley's continuing strong support for the business and its
Elevation strategy, he will provide the Group with £100m of additional
funding alongside and on the same commercial terms as the Group's existing
unsecured borrowing facilities that were announced on 1 December 2021.

Mike Ashley said "Since Michael Murray took over the leadership of Frasers
Group earlier this year, the business has gone from strength to strength. It
is clear that the Group has the right leadership and strategy in place and I
feel very confident passing the baton to Michael and his team.  Although I am
stepping down from the Board, I remain 100% committed to supporting Frasers
and Michael's plans and ambitions, and I look forward to helping the team as
and when they require me.  My commitment and support as a Frasers'
shareholder is as strong as ever."

Michael Murray, CEO, added: "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 he has done. With our new strategy and leadership team, we are driving
this business forward at pace and we are all excited for the future. We are
grateful to have Mike's support and expertise available to us as we continue
the next stage of Frasers Group's journey."

 

Frasers Group plc

Robert Palmer, Company
Secretary                            T. 0344 245
9200

LEI:213800JEGHHEAXIJDX34
E. investor.relations@frasers.group (mailto:investor.relations@frasers.group)

 

Chris Wootton, Chief Financial
                                  T. 0344 245
9200

Officer
E. financial@frasers.group (mailto:financial@frasers.group)

 

Ronnie Laffar, Head of PR &
                                     T.
0344 245 9399

Communications
 
E. fgpr@frasers.group (mailto:fgpr@frasers.group)

 

Rosie Oddy, Brunswick
Group,                                  T.
020 7404 5959

PR
Advisors
E.frasersgroup@brunswickgroup.com (mailto:frasersgroup@brunswickgroup.com)

 

Numis

 

Luke
Bordewich
T. 020 7260 1000

Ollie Steele

Duncan Wilson

 

Liberum

 

John
Fishley
T. 020 3100 2000

Kane Collins

Nikhil Varghese

 

 

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