Handing the gig to his prospective son-in-law looks a transfer of power in name only
Mike Ashley is “transitioning” out of the job of chief executive at Frasers and handing the gig to his prospective son-in-law, Michael Murray. That, at least, was the Sports Direct firm’s summary of next year’s switch. The critical line, though, was the one at the end. Ashley will “remain on the board as an executive director”. He isn’t even adopting the formal back-seat role of a non-executive.
So who will be making the big decisions? And, if there’s a disagreement, who will prevail? Will it be the 31-year-old who has worked for the company only for a few years as a consultant? Or could it – just possibly – be the 56-year-old who founded the business in 1982 and still controls 64% of the shares? This looks a transfer of power in name only, at least until Ashley decides otherwise, which could be years away.