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New Frasers Group CEO in line for £100m share bonus
26 August 2021

The incoming CEO of Frasers Group could land a £100m shares windfall if he meets a “challenging but achievable” target, Mike Ashley's retail empire has revealed.

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

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

The reshuffle at the top of the business was announced earlier this month when the group said Ashley would step away from his role as CEO and be replaced by Murray next May. Ashley will remain as an executive director of the company.

Mike Ashley

Mike Ashley leaves Sports Direct’s 2019 results announcement with Michael Murray (left), his proposed replacement as Frasers Group CEO (Kirsty O’Connor/PA)

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.

Frasers said the proposed bonus package for Murray would only pay out in full if shares rise to £15 for 30 consecutive trading days before 7 October 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.”

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

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