Incoming Frasers boss Murray in line for potential £100m bonus

Murray, who is due to succeed his future father-in-law Mike Ashley as boss of the high street empire next May, will be handed £100m in shares if Frasers’ share price reaches £15 for 30 consecutive trading days by October 2025.

Frasers’ share price closed at £6.50 on Wednesday, its highest level for more than six years.

Frasers said: “In considering a remuneration package, the remuneration committee was mindful of setting targets that were both stretching and achievable and that would reward an incoming CEO commensurately with the shareholder value that could be attained.”

It added that reaching a £15 share price “would be evidence of the success of the group’s elevation strategy and Michael’s leading role in this”.

The Frasers board has also recommended an annual salary of £1m for Murray – a sum that would easily outstrip the £150,000 a year paid to Sports Direct’s former boss Dave Forsey prior to his exit in 2016.

In his current position as head of elevation for the Frasers Group, Murray is paid as a consultant and is believed to have earned more than £9.7m during 2019 and 2020.

Frasers added: “For the avoidance of doubt, the previous consultancy arrangements between the group and Mr Murray will cease on his assumption of the CEO role.”

The proposed remuneration package will be voted on at the company’s AGM on September 29.

Murray, who is engaged to Ashley’s daughter Anna, will step into the hot seat next Spring, although Ashley will remain on the Frasers board as an executive director.