Industry titan Mike Ashley is to step down from Frasers Group, the company he founded in 1982, after 40 years at the helm.
The retail group, which includes brands such as Sports Direct and Flannels, announced that Ashley will not seek re-election as a director at next month’s Annual General Meeting on 19 October.
However, despite relinquishing his director role, Ashley will continue to be available to the board and senior management in an advisory capacity “when called upon.”
In this capacity, he also plans to inject £100 million into the business and continue its “elevation strategy.”
This strategy has seen the retail giant acquire several fast fashion ecommerce companies, having bought Missguided out of administration in a £20 million deal and acquiring womenswear brand I Saw It First for an undisclosed sum back in July.
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The news also comes after Ashley promoted his son-in-law Michael Murray to head the day-to-day operations of the retailer back in May.
“Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength,” said Ashley.
“It is clear that the group has the right leadership and strategy in place and I feel very confident passing the baton to Michael and his team.
“Although I am stepping down from the board, I remain 100% 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 are as strong as ever.”
Murray added: “Mike has built an incredible business over the past 40 years and, on behalf of the board and the group, I want to thank him for all he has done.”
“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.”
