// Frasers Group criticised for paying future CEO Michael Murray £100m bonus
// Conservative MP for Bolsover, Mark Fletcher said the group should consider repaying furlough cash
Mike Ashley’s Frasers Group has faced backlash from a local MP after it emerged his son-in-law Michael Murray could receive a £100 million bonus.
The Conservative MP for Bolsover, Mark Fletcher criticised the company and said it should consider repaying furlough cash.
The MP slammed the bonus plan after Frasers accepted £177 million in handouts, including furlough help as recently as April.
READ MORE: Soon-to-be Frasers Group CEO Michael Murray up for £100m bonus
Ashley plans to pay future chief executive Murray the sum if his son-in-law hits a “stretching and achievable” share price target of £15 by 2025, from £6.57 today.
That would increase Ashley’s wealth by more than £2.5 billion.
“It is a great shame Mike Ashley and the Frasers Group are choosing to spend so much money on payouts to senior executives when so many of their employees have had such a difficult year,” Fletcher said.
“I am incredibly proud of what the furlough scheme achieved. The taxpayer has spent an incredible amount of money to help keep businesses like Sports Direct afloat and with that comes a level of responsibility to their employees and their community.
“While I don’t believe every company should be expected to, handing back furlough repayments is a glowing example of civic business practice.”
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4 Comments. Leave new
Sports Direct must repay their furlough money before they give any bonuses like this.
The furlough money went to their staff, which would otherwise have been made redundant. The bonus hasn’t been paid, it would be a reward for achieving massive growth.
Sport direct are god awful to work for as it is so giving the new CEO such an high incentive will magnify this 1000000000 times over. The new CEO will do any and everything in this power to achieve this target at the expense of anyone/everyone in the company
That money went to the staff not the company. They didnt choose to close their shops the government made them