Former Monetary Reporting Council boss Sir Jon Thompson is being lined as much as take over as Chairman of Frasers Group.
Thompson, who joined Frasers Group’s board earlier this 12 months as a Non-Government Director, is anticipated to take over from David Daly in some unspecified time in the future in 2025, in line with Sky Information.
Sources instructed the publication on Friday that Thompson’s appointment as Chairman had but to be finalised by Frasers’ board, however added that it was nearly sure to happen.
Thompson, who additionally chairs the HS2 high-speed rail hyperlink challenge, is a former CEO of the Monetary Reporting Council, which oversees company governance, the UK tax authority and everlasting secretary on the Ministry of Defence.
He’s mentioned to have shaped a constructive working relationship with each Mike Ashley and Frasers boss, Michael Murray.
The appointment comes amid an ongoing spat between Frasers Group and Boohoo, with the latter urging traders to reject Ashley’s bid for a board seat at a shareholder assembly subsequent month.
Frasers has requested a board seat to “defend shareholder worth”, expressing issues that Boohoo’s Co-founder Mahmud Kamani might reacquire the corporate’s property at a reduction.
Nevertheless, Boohoo responded stating that it’s “involved that Frasers is utilizing its important shareholdings in UK retailers, together with Boohoo, to additional its personal self-interest on the expense of different shareholders”.
Boohoo mentioned it has a “credible plan to unlock and maximise worth for the advantage of all shareholders” beneath the steerage of latest boss Dan Finley and warned of the dangers posed by rival Frasers’ affect.
In current months, a battle has brewed between Frasers and Boohoo. Frasers, which owns a 27% stake within the firm, accused it of “long-term mismanagement” inflicting “worth destruction”. Boohoo responded by saying Frasers’ criticisms had been “inaccurate and unfair”.
The net retailer lately appointed former Debenhams boss Finley as its new CEO, one thing Frasers mentioned was “rushed”.
Frasers had been pushing for Boohoo to put in Ashley, on the helm after the earlier CEO stepped down.
