Frasers Group appoints new chairman plus key exec; CEO Michael Murray expected to miss out on £100 million bonus.
There is news of big behind-the-scenes boardroom activity at Frasers Group, with the appointment of a new chairman from Monday, Sept 1.
Long-standing Chairman David Daly will be stepping down at the company’s AGM on Sept. 24, after eight years. He will be succeeded immediately by board member Sir Jon Thompson.
Thompson’s appointment “marks an important step in supporting Frasers Group’s long-term strategy as it continues to strengthen its position as a global business,” the group said in its stock market announcement.
Thompson joined the board in June 2024 as a non-executive director, bringing with him extensive experience in corporate governance and in the management of major projects.
Meanwhile, Andy Lyon is expected to be appointed as a non-executive director. Lyon is a former partner at PwC and has served as audit partner for Next and its credit business.
Frasers is also looking for two further non-execs, as David Daly, Ger Wright and Helen Wright are not seeking re-election at the AGM.
CEO Michael Murray said of the changes: “I would like to thank David for his outstanding leadership, guidance, and the wealth of expertise he brought to the board, which has been instrumental in helping us deliver on our Elevation Strategy.”
Murray is expected to miss personal performance targets linked to the share price that would have secured a £100 million (€115.6m) bonus this year, according to reports.
