Michael Murray, the incoming CEO of Frasers Group, is set to earn an astounding consultancy fee of almost £21 million as he prepares to replace founder Mike Ashley on May 1st. Currently the Head of Elevation at Frasers Group, Murray will receive this payment as part of an agreement that rewards him based on the value generated from property deals made for the company. His consultancy firm, MM Prop Consultancy, will receive up to 25% of the value created by its services to Frasers Group, which includes popular brands like Sports Direct, Flannels, and House of Fraser.
This is not the first time Murray has received a substantial consultancy fee. In 2021, he earned £2.5 million, and between 2019 and 2020, he received a total of £9.7 million. As he steps into his new role as CEO, Murray has set ambitious targets to achieve. If he successfully doubles Frasers Group’s share price to £15 by 2025, he could potentially receive shares worth £100 million or more.
The decision to award Murray with such a significant consultancy fee was made after careful evaluation of the final terms of his consultancy deal. Frasers Group consulted independent third-party experts during this process. The company’s board expressed their satisfaction with the agreement, emphasizing the substantial financial and strategic value it brings to the Group and its stakeholders. They have full confidence in Murray’s ability to propel the Group forward in its elevation journey, which has already made impressive strides.
Murray himself is enthusiastic about his new role as CEO and holds a positive outlook for the future of Frasers Group. He is determined to elevate the Group by offering the best sports, premium, and luxury brands to consumers. By prioritizing customer satisfaction, Murray believes they can continue to provide value to their employees, shareholders, and partners.
As Michael Murray prepares to take the reins as CEO, he is already proving to be an indispensable asset to Frasers Group. With his extensive experience and ambitious goals, Murray is expected to lead the company towards sustained success in the retail industry.
Useful Links:
– Frasers Group Official Website
– Frasers Property
