£100m share reward offered as stretch target to incoming chief executive
The 31-year-old incoming chief executive of retail giant Frasers Group, who is also in line to be promoted to the role of Mike Ashley’s son-in-law, has been given targets that could see him receive an £100m share award in the next four years.
Michael Murray would receive the shares if Frasers Group’s share price exceeds £15 for consecutive days before October 2025. It closed last night at 650p, which is its highest level since 2015.
The share payout would be a reward for increasing the group’s market value by more than £4bn.
The Sports Direct and House of Fraser owner 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.”
The proposals, which include a £1m-a-year salary for Murray, will be put to Frasers Group’s AGM next month.
The Shirebrook-headquartered retailer revealed the impact of the pandemic in financial figures released earlier this month. The group made a £78m for the year ending April 28 – down from a profit of £101m last year- as sales fell 8% to £3.62bn.