Mike Ashley to step down from Frasers Group after 40 years
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Mike Ashley leaves Frasers Group after 40 years as controversial retail mogul leaves with £100m funding pledge
- Son-in-law Michael Murray took over as CEO earlier this year
- Ashley founded the group in 1982 as a single store in Maidenhead
- He remains at the disposal of the group in an advisory capacity
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Mike Ashley will step down from Frasers Group’s board of directors next month, 40 years after he founded the retail giant.
Frasers Group told investors on Tuesday that former CEO Ashley would not be re-elected as a director at the October 19 AGM, but that he would continue to provide support, both as a shareholder and in an advisory capacity.
Ashley, who is Fraser’s largest shareholder through his investment vehicle, will provide the group with an additional £100 million in financing in addition to existing financial support he is already providing, the company said.
Mike Ashley said in a statement that the group had “went from strength to strength” led by Murray
Founded in 1982 as Mike Ashley Sports, Frasers Group has experienced tremendous growth, disruption and controversy during its founder’s time.
Frasers Group started as a single store in Maidenhead and now owns House of Fraser, Jack Wills, GAME, Flanels, USC, Lillywhites and Evans Cycles.
The group’s intellectual property also includes brands such as Everlast, Lonsdale, Slazenger and No Fear.
Ashely’s son-in-law, Michael Murray, took over as CEO of Frasers Group earlier this year and has pledged to help rebuild the company’s relationships in the city during his tenure.
The group had recently been in a wave of takeovers, buying up businesses and intellectual property on the cheap as smaller rivals fell into administration, including Jack Wills, DW Sports Fitness and Missguided.
Mike Ashley said in a statement that the group was “from strength to strength” under Murray, and that Frasers Group now “has the right leadership and strategy” to allow the founder to step aside.
He added: “While I step down from the Board, I remain 100 percent committed to supporting Frasers and Michael’s plans and aspirations, and I look forward to helping the team whenever and wherever they need me.” . My commitment and support as a Frasers shareholder remains strong.’
Michael Murray said: “With our new strategy and leadership team, we are driving this business at a rapid pace and we are all excited about the future.
“We are grateful to have Mike’s support and expertise at our disposal as we continue the next phase of Frasers Group’s journey.”