Frasers' Mike Ashley to leave board following AGM
Frasers Group
586.00p
17:15 09/01/25
Retailer Frasers Group revealed on Tuesday that Mike Ashley will not be standing for re-election as a director at this year's annual general meeting and he will step down from the board upon its conclusion on 19 October.
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Frasers stated that as part of Mike Ashley's "continuing strong support" for the company and its elevation strategy, he will provide the group with £100.0m of additional funding on the same commercial terms as existing unsecured borrowing facilities.
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.
"Although I am stepping down from the board, I remain 100% committed to supporting Frasers and Michael'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."
As of 0810 BST, Frasers Group shares were down 0.45% at 782.50p.
Reporting by Iain Gilbert at Sharecast.com