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Friday, September 17, 2021

Mike Ashley’s successor as Frasers Group chief government in line for potential £100m pay package deal | Enterprise Information

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Michael Murray, who is about to change into chief government of Mike Ashley’s Frasers Group, may very well be awarded shares price £100m below a proposed pay package deal linked to the group’s inventory worth efficiency.

Mr Murray – who’s engaged to Mr Ashley’s daughter – can even be paid a £1m annual wage for operating the proprietor of Sports activities Direct and Home of Fraser.

To attain the £100m share award, Frasers’ share worth should high £15 for 30 days in a row earlier than 7 October 2025. The shares have been buying and selling at £6.50 on the shut on Wednesday.

Picture:
Mike Ashley based the corporate in 1982

Frasers mentioned: “The remuneration committee was conscious of setting targets that have been each stretching and achievable and that might reward an incoming CEO commensurately with the shareholder worth that may very well be attained.”

Mr Murray, 31, is at present “head of elevation” on the retail group – whose manufacturers additionally embrace Sport, Evans Cycles, and Jack Wills – and has been tasked with modernising the enterprise and making a extra upmarket picture.

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It was introduced earlier this month that he’ll take over as chief executive from Mr Ashley subsequent Might.

The tycoon, who based Sports activities Direct in 1982, stays majority proprietor of the group – which has a market worth of greater than £3bn.

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

He’ll stay on the board as government director when Mr Murray succeeds him.

House of Fraser
Picture:
Home of Fraser is a part of Frasers Group

The group, which has virtually 1,000 outlets, not too long ago reported a 94% dive in pre-tax earnings to £8.5m for the 12 months to 25 April following enforced retailer closures throughout the COVID pandemic.

The proposed pay package deal for Mr Murray will probably be put to traders on the firm’s annual common assembly subsequent month although has no likelihood of defeat with the backing of Mr Ashley’s controlling stake.



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