The billionaire business mogul Mike Ashley will step down from his role as director of Frasers Group, the company that owns Sports Direct.
Frasers have announced that Mr Ashley, who founded the business 40 years ago, will leave the board after the upcoming annual shareholder meeting, which is set to take place on 19 October. However, it is expected that he will continue to act as an adviser to the board and senior management.
Mr Ashley, formerly Newcastle United FC owner, had already handed over the reins of the company to new chief executive Michael Murray back in May 2022. At the time, Mr Ashley was stepping back from his role as chief executive to an executive director role.
