// Mike Ashley is set to relinquish his director role on the Frasers Group board at the retail giant’s AGM next month
// Ashley said he will provide £100m pf additional funding to the group, as well as continuing to advise management when asked
Frasers Group founder Mike Ashley will step down from his role as a director on the Sports Direct and Flannels owner’s board.
Ashley will not stand for re-election as a director at the retail giant’s Annual General Meeting on 19 October.
Ashley, who founded the retail empire, handed the reins of the empire over to son-in-law Michael Murray last year. He said that after he relinquished his director role, he would still be available to advise management when asked.
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Other brands owned by Frasers Group include Game, Evans Cycles and Jack Wills and new boss Murray has overseen an ‘elevation’ strategy to modernise Frasers Group’s stores in recent months.
Ashley said he was “100% committed to supporting Frasers and Michael’s plans” for the business and he has said he will provide the group with £100m of additional funding.
He said: “Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength. It is clear that the Group has the right leadership and strategy in place and I feel very confident passing the baton to Michael and his team.
“Although I am stepping down from the board, I remain 100% committed to supporting Frasers and Michael’s plans and ambitions, and I look forward to helping the team as and when they require me. My commitment and support as a Frasers’ shareholder is as strong as ever.”
Murray added: “Mike has built an incredible business over the past 40 years and, on behalf of the board and the group, I want to thank him for all he has done.
“With our new strategy and leadership team, we are driving this business forward at pace and we are all excited for the future. We are grateful to have Mike’s support and expertise available to us as we continue the next stage of Frasers Group’s journey.”
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