Michael Murray, who is about to turn into chief government of Mike Ashley’s Frasers Group, may very well be awarded shares value £100m underneath a proposed pay bundle linked to the group’s inventory value efficiency.
Mr Murray – who’s engaged to Mr Ashley’s daughter – may also be paid a £1m annual wage for operating the proprietor of Sports activities Direct and Home of Fraser.
To realize the £100m share award, Frasers’ share value should high £15 for 30 days in a row earlier than 7 October 2025. The shares had been buying and selling at £6.50 on the shut on Wednesday.
Frasers stated: “The remuneration committee was aware of setting targets that had been each stretching and achievable and that will reward an incoming CEO commensurately with the shareholder worth that may very well be attained.”
Mr Murray, 31, is at the moment “head of elevation” on the retail group – whose manufacturers additionally embrace Recreation, Evans Cycles, and Jack Wills – and has been tasked with modernising the enterprise and making a extra upmarket picture.
It was introduced earlier this month that he’ll take over as chief government from Mr Ashley subsequent Could.
The tycoon, who based Sports activities Direct in 1982, stays majority proprietor of the group – which has a market worth of greater than £3bn.
Mr Ashley took on the position of chief government following the departure of long-serving boss Dave Forsey in 2016.
He’ll stay on the board as government director when Mr Murray succeeds him.
The group, which has nearly 1,000 retailers, not too long ago reported a 94% dive in pre-tax earnings to £8.5m for the 12 months to 25 April following enforced retailer closures in the course of the COVID pandemic.
The proposed pay bundle for Mr Murray will probably be put to buyers on the firm’s annual normal assembly subsequent month although has no likelihood of defeat with the backing of Mr Ashley’s controlling stake.