// Frasers Group CEO Michael Murray will waive his £1m base salary until the end of the business’s financial year
// Murray will receive a £100m bonus if the business achieves a pre-tax profit of at least £500m and a £15 share price for 30 consecutive dealing days
Frasers Group has confirmed it will be waiving new chief executive Michael Murray’s £1m base salary until the end of the business’s financial year.
Until then, Murray, who succeeded his future father-in-law Mike Ashley back in May will waive his salary in order to allow the retail giant to focus on achieving a pre-tax profit of at least £500m and a £15 share price for 30 consecutive dealing days.
If the two conditions are met before October 2025, Murray is set to receive a £100m bonus in line with his agreement with Frasers Group announced back in September 2021.
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The company added that chief financial officer Chris Wootton, chief operating officer David Al-Mudallal and chief customer officer Sean Nevitt will also receive bonuses if the targets are achieved although their salaries and bonus rates have not been revealed.
Last week founder Mike Ashley announced he would step down from his role as a director on the Sports Direct and Flannels owner’s board.
He said that after he relinquished his director role, he would still be available to advise management when asked.
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