// Shareholder adviser Glass Lewis said it had “serious reservations” about the plan
// These concerns have been raised for the second year in a row
Frasers Group CEO Michael Murray has come under fire over a plan that would hand him a bonus of £100 million.
The boss of Sports Direct’s parent company and son-in-law of Mike Ashley, will be awarded the multi-million sum if he manages to increase the share price to £15 by 2025.
However, according to This is Money, shareholder adviser Glass Lewis said it had “serious reservations” about the plan.
The firm has urged shareholders to vote against the potentially “excessive” deal at its annual meeting this week.
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These concerns have been raised for the second year in a row, as experts fear Murray will be rewarded as “a consequence of market conditions” rather than his own performance.
In July shares in the group increased to £9.50 in July as customers hit up the high street as Covid-19 related restrictions ended.
However, since then the price has since fallen to £6.48 as consumers face the ongoing cost-of-living crisis.
The news comes as the founder of Frasers Group and Murray’s father-in-law, Mike Ashley will step down from his role as a director on the Sports Direct and Flannels owner’s board at the AGM.
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4 Comments. Leave new
Pure greed
Ashley did a great job for his company but got grief after grief about the way the business was run – he hands the running over to his son in law and guess what he gets grief both Ashley & Mike never take a salary and still get this backlash it’s there business and they pay shareholder good dividends so what’s the issue ?
You can’t give any CEO that big of an incentive. They will do anything and everything to achieve that bonus at the cost/ expense of people and that behaviour/ culture will filter right down to the sales assistant. The Fraser group are already known to be awful to work for this will make it even worse, 100000000 times worse!
It’s amazing how greedy already wealthy people can be.