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Business News

Mike Ashley’s successor as Frasers Group chief executive in line for potential £100m pay package

today25/08/2021

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Michael Murray, who is set to become chief executive of Mike Ashley’s Frasers Group, could be awarded shares worth £100m under a proposed pay package linked to the group’s stock price performance.

Mr Murray – who is engaged to Mr Ashley’s daughter – will also be paid a £1m annual salary for running the owner of Sports Direct and House of Fraser

To achieve the £100m share award, Frasers’ share price will have to top £15 for 30 days in a row before 7 October 2025. The shares were trading at £6.50 at the close on Wednesday.

Mike Ashley
Image: Mike Ashley founded the company in 1982

Frasers said: “The remuneration committee was mindful of setting targets that were both stretching and achievable and that would reward an incoming CEO commensurately with the shareholder value that could be attained.”

Mr Murray, 31, is currently “head of elevation” at the retail group – whose brands also include Game, Evans Cycles, and Jack Wills – and has been tasked with modernising the business and creating a more upmarket image.

It was announced earlier this month that he will take over as chief executive from Mr Ashley next May.

The tycoon, who founded Sports Direct in 1982, remains majority owner of the group – which has a market value of more than £3bn.

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Mr Ashley took on the role of chief executive following the departure of long-serving boss Dave Forsey in 2016.

He will remain on the board as executive director when Mr Murray succeeds him.

House of Fraser
Image: House of Fraser is part of Frasers Group

The group, which has almost 1,000 shops, recently reported a 94% dive in pre-tax profits to £8.5m for the year to 25 April following enforced store closures during the pandemic.

The proposed pay package for Mr Murray will be put to investors at the company’s annual general meeting next month though has no chance of defeat with the backing of Mr Ashley’s controlling stake.

 Sky News

© Sky News 2021

Written by: Rother Radio News


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today25/08/2021