The company has announced that the billionaire retail tycoon, the founder of the UK’s biggest sporting goods chain Sports Direct, will not stand for re-election as a director at this year’s annual meeting on October 19. He will remain the company’s controlling shareholder at nearly 70% and will continue to act as an advisor to the board and senior management. Ashley stepped down from the management of Frasers in May when he installed his son-in-law, Michael Murray, as chief executive. One former employee described Murray as “a more acceptable version of Mike Ashley”. Ashley said: “Since Michael Murray took the helm of Frasers Group earlier this year, the business has gone from strength to strength. It is clear that the team has the right leadership and strategy in place and I feel very confident handing over 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 look forward to assisting the team as and when required. My commitment and support as a Frasers shareholder is as strong as ever.” Frasers said Ashley would provide the group with an additional £100m of funding as part of its ongoing support for the business. Murray said: “Mike has built an incredible business over the last 40 years and, on behalf of the board and the group, I want to thank him for everything he has done. With our new strategy and leadership team, we are driving this business at pace and we are all excited about the future.” Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Frasers recently rejoined the FTSE 100 index of the UK’s top shares after a six-year absence. The group, which then traded as Sports Direct, fell off the blue-chip index in 2016 after its share price fell following a Guardian investigation that revealed poor pay and working conditions at the company as well as poor trading in its stores . . Ashley acquired department store chain House of Fraser in 2018 and has invested heavily in luxury chain Flannels. Frasers share price has risen 17% in the past year.
