#enterprise Mike Ashley to step down from Frasers Group after 40 years
Mike Ashley to step down from Frasers Group after 40 years as controversial retail tycoon departs with £100m funding dedication
- Son-in-law Michael Murray took over as CEO earlier this yr
- Ashley based the group in 1982 as a single retailer in Maidenhead
- He will stay out there to the group in an advisory capability
Mike Ashley will step down from Frasers Group’s board subsequent month, 40 years after he based the retail big.
Frasers Group advised traders on Tuesday that former CEO Ashley wouldn’t be looking for re-election as a director on the agency’s 19 October AGM, however he would proceed to present assist each as a shareholder and in an advisory capability.
Ashley, who’s Frasers greatest shareholder by way of his funding car, will present the group with £100million of extra funding alongside the present monetary assist he already supplies, the agency mentioned.
Mike Ashley mentioned in a press release that the group had ‘gone from strength to strength’ beneath Murray’s management
Founded in 1982 as Mike Ashley Sports, Frasers Group has gone seen huge progress, in addition to disruption and controversy, throughout its founder’s time in cost.
Having begun life as a single retailer in Maidenhead, Frasers Group is now the proprietor of House of Fraser, Jack Wills, GAME, Flannels, USC, Lillywhites and Evans Cycles.
The group’s mental property additionally contains manufacturers like Everlast, Lonsdale, Slazenger and No Fear.
Mr Ashely’s son-in-law Michael Murray took over as CEO of Frasers Group earlier this yr and has pledged to assist rebuild the agency’s relationships within the City throughout his tenure.
The group has been on an acquisition spree of late, choosing up firms and mental property on a budget as smaller rivals fell into administration, together with Jack Wills, DW Sports Fitness and Missguided.
Mike Ashley mentioned in a press release that the group had ‘gone from strength to strength’ beneath Murray, and Frasers Group now ‘has the right leadership and strategy in place’ to enable the founder to step apart.
He added: ‘Although I am stepping down from the Board, I remain 100 per cent committed to supporting Frasers and Michael’s plans and ambitions, and I look forward to helping the team as and when they require me. My commitment and support as a Frasers’ shareholder is as strong as ever.’
Michael Murray mentioned: ‘With our new strategy and leadership team, we are driving this business forward at pace and we are all excited for the future.
‘We are grateful to have Mike’s support and expertise available to us as we continue the next stage of Frasers Group’s journey.’