Yahoo Finance Mike Ashley's successor set to earn £100m within three years
Michael Murray, Frasers Group’s incoming chief executive due to replace Mike Ashley, could earn up to £100m in shares on top of his salary.
Under a new remuneration package, Frasers Group on Wednesday evening proposed a share option scheme for Mr Murray to have a target share price of £15 which must be achieved for 30 consecutive trading days before October 2025.
“Should the options vest, and the share price on exercise be £15, Michael Murray will be awarded shares to the equivalent value of £100m before tax,” the FTSE 250 company said.
It added that the proposals, which must be approved by shareholders, were designed to be “both stretching and achievable and that would reward an incoming CEO commensurately”. Full details of the package are expected to be published later this week.
Shares of the retailer closed at £6.50 on Wednesday, marking their highest level since 2015 but still some 130pc below the target.
The sum would come on top of a recommended salary of £1m for Mr Murray, who is engaged to Mr Ashley’s daughter Anna.
Billionaire tracksuit tycoon Mr Ashley has not taken a salary since Frasers listed in 2007, when it was then known as Sports Direct.
The parent of House of Fraser also confirmed that Mr Murray, who is “head of elevation” at Frasers, will step down from all current consulting arrangements when he takes the helm.
It has previously said Mr Ashley, 56, would remain on the board as an executive director. He owns about 64pc of the retail empire he founded 40 years ago.
