LONDON — Frasers Group, the U.Okay retail group behind Sports activities Direct, Flannels and Home of Fraser, has confirmed media hypothesis that British retail tycoon Mike Ashley plans to step down from his position because the group’s chief govt officer and hand over the reins to his future son-in-law, Michael Murray, by Might 2022.
“The board of Frasers is now in discussions almost about transitioning the ceo position from Mike Ashley to Michael Murray,” mentioned a Frasers spokesperson in an announcement.
The corporate added that “a reward and remuneration package deal” for Murray is now into consideration, topic to shareholder approval of his appointment.
Ashley, who nonetheless owns 64 % of the group, will stay on its board as an govt director, with Murray taking on day-to-day operations.
Murray, aged 31 and engaged to Ashley’s daughter Anna, has been working because the group’s head of elevation and has been tasked with making a extra upmarket picture for the corporate. He has spearheaded the opening of Flannels’ first London flagship on Oxford Road and most just lately was behind the retailer’s formidable foray into magnificence retailing, which aimed to deliver new luxurious procuring experiences to regional prospects throughout the U.Okay.