Michael Ashley steps down from Frasers Group's board, will remain controlling shareholder. See who will run the company now

Michael Ashley steps down from Frasers Group's board, will remain controlling shareholder. See who will run the company now
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Synopsis

Michael Ashley steps down from Frasers Group's board. The founder of Sports Direct will continue to remain the controlling shareholder and adviser for the company as son-in-law Michael Murray takes over the leadership of Frasers Group.

Agencies
Tycoon Mike Ashley has step down from the board of the Frasers Group. The company said that the billionaire would no longer stand for reelection as a director at the annual event to be held on October 19 this year.

The 58-year-old businessman is the founder of Sports Direct and is the controlling shareholder of Frasers Group.
Frasers also announced that Ashley would provide the company with about £100m as funding for future plans and expansion. It is Ashley's way of showing support for the business. Frasers' retail group includes top-notch brands like House of Fraser and Sports Direct.

Ashley's son-in-law Michael Murray to take over leadership of Frasers Group

Earlier this year, Michael Murray took over the leadership of Frasers Group into his hand, and Ashley said that the business went from strength to strength under his leadership. Mike added that the Frasers Group has the right leader and strategy and feels satisfied by passing his legacy to Murray and his team.


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Ashley also announced that even though he's stepping down, he will still support the Frasers Group and Murray's ambitions and plans. The controlling shareholder added that he looks forward to helping the team whenever they need him and his support as Frasers Group is as strong as it will ever be.

FAQs

Q1. When did Mike Ashley step back from running the Frasers Group?

  • In May, Ashley handed the chief executive position to Michael Murray, his son-in-law and stepped back from running the day-to-day works of the Frasers Group.

Q2. What will Mike Ashley handle now that he has stepped down from the company's board?
  • As per a company announcement, Ashley will still be a controlling shareholder as he has about a 70% stake in the group.
  • Furthersome, he will also act as an advisor for the senior management and the board even though he has stepped down from his position.
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