Frasers Group, under the leadership of CEO Mike Ashley, has announced that Michael Murray, the current Head of Elevation for the group, will be taking over as chief executive in the coming year. Along with the new position, Murray is also set to receive a potential £100 million share windfall as part of a proposed pay package linked to the company’s stock market performance.
At only 31 years old, Murray has played a vital role in the transformation and rebranding of the business, pushing for a more upscale image for Frasers Group. Taking on the role of CEO, Murray will be tasked with overseeing the £3 billion company, which includes popular brands like Sports Direct, Flannels, House of Fraser, and Jack Wills. In addition to his responsibilities, Murray will receive an annual salary of £1 million.
However, unlocking the £100 million share windfall is no easy feat. Frasers’ share price needs to consistently surpass £15 for a continuous period of 30 days prior to October 7, 2025. As of now, the shares are trading at £6.64p, indicating the significant challenge that lies ahead.
It is important to note that although Ashley will be stepping down as CEO, he will still retain a position on the board as an executive director. The decision to reward Murray with an exceptional pay package was made by Frasers’ remuneration committee, aiming to align the targets with the potential for increased shareholder value under Murray’s leadership.
Frasers Group believes that the proposed increase in share value is both ambitious and attainable. It views the target as a testament to the success of the group’s elevation strategy, in which Murray has played a leading role. It is worth mentioning that the company has faced substantial difficulties in the past year due to store closures enforced by the Covid-19 crisis, resulting in a significant decline in pre-tax profits to £8.5 million for the year ending on April 25.
As Murray gears up to take on his new role at Frasers Group, all attention will be focused on the company’s share price performance. Achieving the goal of a £100 million share windfall will not only bring a substantial financial reward for Murray but also validate the effectiveness of the group’s strategy and his contributions to its success.
Useful links:
1. Frasers Group Official Website
2. Latest News from Frasers Group
