Frasers Group CEO waives £1 million salary

Frasers Group has confirmed its CEO Michael Murray will be waiving his £1 million base salary for the financial year to 30 April 2023.

Murray, who took over as CEO in May 2022, will waive his salary to allow Frasers Group to focus on achieving a pre-tax profit of at least £500 million and a hurdle share price of £15 for 30 consecutive dealing days.

If the two conditions are met, Murray will receive a £100 million bonus in line with his agreement with Frasers Group announced back in September 2021.

Frasers Group CFO Chris Wootton, COO David Al-Mudallal and CCO Sean Nevitt will also receive bonuses if the targets are achieved.

In July, Frasers Group saw adjusted pre-tax profits jump to £344.8 million for the year to April 2022, compared with a £39.9 million loss the year before. It expects an adjusted pre-tax profit of between £450 million and £500 million for the current financial year.

Earlier this month, the group announced that Mike Ashley will step down as a director of Frasers Group next month, but has agreed to lend £100 million to the business.