Frasers Group has promoted David Al-Mudallal, the boyfriend of Mike Ashley’s youngest daughter, to the company’s board.
The move means the 31-year old chief operating officer is now one of the youngest directors of a FTSE 100 business.
Al-Mudallal is currently dating Matilda Ashley, whose father is the founder and majority shareholder in the £3.6bn company, The Sunday Times reported.
His appointment means that two of the 11 members of the Frasers board are in relationships with Ashley’s daughters as current CEO Michael Murray, who took on the top job back in 2022, is married to Anna Ashley.
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Al-Mudallal initially joined Sports Direct in 2017 as head of talent.
He later served as chief of staff at Frasers in 2019, progressing to group head of operations, and finally assuming the position of chief operating officer in August 2021.
Last month, he was appointed to the Frasers board, alongside managing director for sports, Ger Wright.
Frasers Group told the The Sunday Times that it takes governance seriously and emphasised that there have been no breaches of rules regarding the relationship between Matilda Ashley and Al-Mudallal.
It also highlighted his successful business track record.
Under the executive share scheme, Al-Mudallal could be eligible for a £9m bonus if Frasers’ share price stays above £15 for 30 days and it posts at least £500m of annual profit by October 2025.
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