Mike Ashley set to step down as Frasers CEO next year (updated)
05/08/2021 07:27
(Adds detail)
LONDON, Aug 5 (Reuters) - Mike Ashley, British sportswear
retailer Frasers' FRAS.L founder and biggest shareholder, will
likely step down as chief executive next year and be succeeded
by Michael Murray, the group's "head of elevation", it said on
Thursday.
"The board of Frasers is now in discussions with regards to
transitioning the CEO role from Mike Ashley to Michael Murray
over the course of FY22," it said.
"It is currently proposed that Michael Murray will assume
the role of CEO on 1 May 2022."
Ashley, who founded the firm that was previously called
Sports Direct in 1982 and retains 64% of its equity, will remain
an executive director.
Ashley, held the title of executive deputy chairman when
Sports Direct floated in 2007 until 2016 when he became CEO.
Murray is the partner of Ashley's daughter Anna and is
currently its "head of elevation".
That job has made him central to Frasers' strategy to
modernise and go upmarket - the elevation strategy.
Ashley's long-stated desire is to make Frasers the
"Selfridges of sport", emulating the status of the London
department store.
"The board consider it appropriate that Michael leads us
forward on this increasingly successful elevation journey," said
Frasers.
(Reporting by James Davey; editing by Guy Faulconbridge and
paul Sandle)
((james.davey@thomsonreuters.com))