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Sports Direct tycoon Mike Ashley set to step down as Frasers boss, with future son-in-law taking the top job

·1 min read
Mike Ashley is CEO of Frasers Group (Victoria Jones/PA)
Mike Ashley is CEO of Frasers Group (Victoria Jones/PA)

Sports Direct owner Frasers Group has said its board is in discussions about transitioning the chief executive role from retail tycoon Mike Ashley, to his prospective son-in-law Michael Murray.

The company behind chains such as Flannels, Jack Wills and Evans Cycles said it is proposed that Murray will assume the top job role in May next year.

The potentially incoming boss is 31-years old and engaged to Ashley’s daughter Anna.

He is currently “head of elevation” at the FTSE 250 business, helping to modernise it. Recent projects include a major tech-heavy revamp of Sports Direct’s Oxford Street flagship store.

Ashley founded Sports Direct in 1982, and is known as one of the high street’s most colourful characters.

Under the plans, Ashley would step down from the CEO role when Murray takes over, but would remain on the board as an executive director.

Frasers Group said: “A reward and remuneration package is now under consideration on the assumption Michael Murray will assume the CEO role. Any reward and remuneration package will be subject to any requisite shareholder approval.”

In another update, the retail group said in the year to April 25 revenue declined 8.4% to £3.6 billion. Most firms on the high street had to temporarily close branches at various points for Covid-19 lockdowns.

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