Mike Ashley will not be standing for re-election as a director at this year's annual general meeting of Frasers Group. He will therefore step down from the company’s board upon the conclusion of the AGM on October 19, 2022.
Commenting on his decision to step down from the company’s board of directors, Mike Ashley 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."
The company said in a statement that Ashley will continue to be available to the board and senior management in an advisory capacity when called upon.
The company added that as part of his continuing support for the business and its elevation strategy, Ashley will provide with 100 million pounds of additional funding.
"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,” added Michael Murray, the company’s CEO.