Aug 5, 2021

Mike Ashley to step down from leading Sports Direct Group

The board of Frasers Group, which also owns House of Fraser, said talks were under way for Michael Murray, 31, to succeed the billionaire on 1 May 2022.The move would see Mr Ashley step down from as chief executive but remain on the board as an executive director. Mr Ashley founded Sports Direct in 1982 and retains 64% of the group. In stock market statement, Frasers Group said it was "Currently proposed" that Mr Murray would assume the role of chief executive, with a "Reward and remuneration package" now being considered. "The board consider it appropriate that Michael leads us forward on this increasingly successful elevation journey," Fraser's Group said. Frasers Group revealed the leadership change in its latest full-year trading figures on Thursday, in which it said its revenue fell 8.4% to £3.6bn from £3.9bn in 2020.Its sports retail revenue also decreased by 10.7% from £2.2bn to £1.9bn due store closures caused by the Covid-19 pandemic, the company said.

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