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Mike Ashley is all set to step down from the board of Frasers Group – almost four decades after he opened his maiden store.
The Group, reportedly, announced that Mike will not be standing for re-election as a director next month during the annual meeting.
However, Mike, as per media reports, will continue to be Group’s controlling shareholder with almost 70 per cent stake.
He will also continue to act as an adviser to the board and senior management.
While confirming to stay 100 per cent committed to Frasers and CEO Michael Murray, Mike said “Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength.”
Mike added that Frasers has the right leadership and strategy in place and he is confident to now pass the baton to Michael and his team.
Meanwhile, the Group has said that Mike would provide the Group with £ 100 million of additional funding, as a part of his continuing support for the business.
The Mike Ashley-owned Frasers Group, earlier known as Sports Direct International, generated £ 3,957.4 million in 2020.
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