Ashley plans to remain on the board as an executive director
Mike Ashley, the founder of Sports Direct, has announced that he will be stepping down from his position at the head of the company.
Ashley also confirmed that he will be passing the baton on to his son-in-law-to-be.
Discussions are underway for Michael Murray to succeed the Newcastle United FC owner, the board of Frasers Group confirmed today. He appears set to take the reins on 1 May 2022.
Despite Ashley stepping down as chief executive, he plans to remain on the board as an executive director.
Having founded Sports Direct in 1982, the mogul owns 64% of the company.
Murray, who is the fiancé of Ashley’s daughter Anna, presently works for Frasers as ‘head of elevation’. His role entails modernising its stores.
A statement by the company said: “The group’s elevation strategy is transforming the business and receiving positive feedback from consumers and our brand partners, especially on projects such as the new Oxford Street Sports Direct which opened in June 2021.”
“The board consider it appropriate that Michael leads us forward on this increasingly successful elevation journey.”
Frasers Group is now worth around £3bn and has almost 1,000 stores.
The FTSE 250 company’s share price is down by 0.57% was the news broke on Thursday. However, over the past 12 months it added 133.04%.