Frasers Group has said founder Mike Ashley will not seek re-election as a director at its next annual general meeting and will be stepping away from the business.
Ashley is due to step away from the business AGM on October 19, 2022 after more than 40 years working for the company he founded and built into a retail empire. In a statement, Frasers Group said Ashley would “continue to be available to the Board and Senior Management in an advisory capacity when called upon.”
The retailer also said that Ashley would be giving Frasers Group £100m of additional funding alongside, and on the same commercial terms, as the retailer’s existing unsecured borrowing facilities that were announced on 1 December 2
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