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Frasers investors back 100 million stg share scheme for next CEO

imageStock Markets13 minutes ago (Sep 29, 2021 07:41AM ET)

(C) Reuters. FILE PHOTO: Michael Murray, Group Head of Elevation at Frasers Group, poses for a photo in this undated handout picture obtained by Reuters on August 5, 2021. Frasers Group plc/Handout via REUTERS

LONDON (Reuters) – Shareholders in British sportswear retailer Frasers Group on Wednesday backed a new executive share scheme which could earn its chief executive designate Michael Murray 100 million pounds ($137 million).

Frasers, which was formerly called Sports Direct (LON:FRAS) and is controlled by founder Mike Ashley, said last month that Murray would succeed Ashley as CEO on May 1 next year.

Murray, currently Frasers’ “head of elevation”, is the partner of Ashley’s daughter.

At the firm’s annual investor meeting 86.6% of votes cast were in favour of the bonus scheme, while 13.4% opposed it.

Ashley owns 64% of the equity.

($1 = 0.7311 pounds)

Frasers investors back 100 million stg share scheme for next CEO

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