Mike Ashley from UK's Frasers to stand down as director at 2022 AGM

As part of Ashley’s continuing strong support for the business and its elevation strategy, he will provide the group with £100 million of additional funding alongside and on the same commercial terms as the group’s existing unsecured borrowing facilities that were announced on December 1, 2021, the company said in a press release.

“Since Michael Murray, the CEO, 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 Murray and his team.  Although I am stepping down from the board, I remain 100 per cent committed to supporting Frasers and Murray’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,” Ashley said.

“Ashley 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 Ashley’s support and expertise available to us as we continue the next stage of Frasers' journey,” Murray added.

ALCHEMPro News Desk (GK)