Mike Ashley to step down as director of Frasers Group

Mike Ashley is to quit as a director of Frasers Group next month, stepping back from the UK retailer that he originally founded as Sports Direct four decades ago. Ashley set up Sports Direct in 1982, changing the name to Frasers after he bought the department store chain in 2018. Michael Murray, Ashley's son-in-law, became chief executive of the company in May. "Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength," Ashley said in a statement on Tuesday. Ashley had increasingly taken a back seat at Frasers since the appointment of Murray, focusing on the detail of logistics operations at the company's fulfilment campus in Derbyshire. Many of the people that built up what was then known as Sports Direct alongside Ashley have also left, notably Forsey and Karen Byers, who quit as head of retail in 2019.

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