Mike Ashley: New boss of former Jenners owner Frasers Group could be in for £100 million share bonus

Former Jenners boss Mike Ashley’s future son-in-law, the incoming chief executive of Fraser Group could pocket a £100 million shares windfall if he meets a “challenging but achievable” target, the firm has revealed.

Thursday, 26th August 2021, 12:17 pm

Frasers said late on Wednesday that 31-year-old Michael Murray – Mr Ashley’s prospective son-in-law, who is set to succeed the retail tycoon in the top job – will be in line for the mammoth award if he more than doubles the group’s share price.

Mr Ashley previously ran Jenners for a time as Frasers boss and was known for his controversial decision to remove the famous gold lettering from the historic building.

Mr Murray’s bumper potential shares payout will come on top of an annual salary of £1 million.

Sign up to our daily newsletter

The i newsletter cut through the noise

The reshuffle was announced earlier this month when the group said Mr Ashley would step away from his role as the firm’s top boss and be replaced by Mr Murray next May.

Mr Ashley will remain as an executive director of the company.

Mr Murray – who is engaged to the founder’s daughter, Anna – is currently “head of elevation” at Frasers and has been tasked with modernising the business and creating a more upmarket image.

Read More

Read More
Former culture chief blames heritage status for Edinburgh becoming ‘overwhelmed’...
Mike Ashley the incoming chief executive of Sports Direct owner Fraser Group could pocket a £100 million shares windfall if he meets a “challenging but achievable” target, the firm has revealed.

Frasers said the proposed bonus package for Mr Murray will only pay out in full if he sees shares rise to £15 for 30 consecutive trading days before October 7 2025.

The group’s shares closed at £6.50 on Wednesday, before the bonus details were announced.

Frasers said: “The board believes that the significant increase in value of the shares to be achieved before Michael’s share option award vests is suitably challenging but achievable and would be evidence of the success of the group’s elevation strategy and Michael’s leading role in this.”

Mr Murray’s pay package will be voted on by Frasers Group shareholders on September 29.

Mr Ashley founded Sports Direct in Maidenhead, Berkshire, in 1982 and has now grown his retail empire to be worth around £3 billion and cover almost 1,000 stores.

Its full-year results unveiled alongside plans for the changeover at the top showed its profits plunged 94.1 per cent to £8.5 million after sales were hit by enforced high street closures during the pandemic.

A message from the Editor:

Thank you for reading this article. We're more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers.

If you haven't already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription.