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Future of British Business

Retail Tycoon Mike Ashley Loosens His Grip on Frasers Group

  • Sports Direct founder steps down from his company’s board
  • Son-in-law Michael Murray took over as CEO earlier this year
Mike Ashley
Mike AshleyPhotographer: Simon Dawson/Bloomberg
Updated on

Mike Ashley is stepping down from the board of Frasers Group Plc four decades after he founded his retail business and just months after son-in-law Michael Murray became CEO of the Sports Direct-owner.

The 58-year-old Ashley still holds an almost 70% stake in Frasers and said Tuesday he remains “100% committed” to the business even though he won’t seek re-election at next month’s AGM. He said his support as a shareholder is stronger than ever.