British retailer Frasers has announced that its founder and largest shareholder, Mike Ashley, is set to step down as CEO next year. Taking his place will be Michael Murray, who currently serves as the group’s “head of elevation.” Frasers, previously known as Sports Direct, has revealed that discussions are already underway to transition the CEO position from Ashley to Murray in the upcoming fiscal year, with the proposed date for the transition being May 1, 2022.
Having founded the company in 1982 and holding a 64% equity stake, Ashley will still remain involved as an executive director. Frasers is the parent company of various chains including Flannels and House of Fraser. Ashley has held key positions within the company, serving as executive deputy chairman during Sports Direct’s initial public offering in 2007 before assuming the role of CEO in 2016.
Michael Murray, who is currently in a relationship with Ashley’s daughter Anna, is currently responsible for Frasers’ “elevation” strategy as the “head of elevation.” This role has been instrumental in the company’s efforts to modernize and target a more upscale market. Ashley envisions Frasers becoming the “Selfridges of sport,” aiming to attain the same prestigious status as the renowned London department store.
The board of Frasers believes that Michael Murray is the appropriate choice to lead the company towards success in its journey of elevation. This decision is based on the confidence in Murray’s abilities and his alignment with the company’s strategic direction. With the transition set to take place in the coming year, Frasers will be under the guidance of a new CEO who will continue to drive the company’s growth and expansion.
Useful links:
1. Frasers Group website
2. Selfridges website
