Ex-audit watchdog lined up to chair Ashley
Sky News has learnt that Sir Jon Thompson, who joined the board of Frasers Team earlier this year as a non-govt director, is anticipated to plot end over from David Daly in some unspecified time in the future next year.
Metropolis sources acknowledged on Friday that Sir Jon’s appointment as chairman had but to be finalised by Frasers’ board, but added that it was once almost sure to occur.
If confirmed, it may maybe maybe well well underline a outstanding turnaround in the company’s manner to corporate governance in unusual years, having earned a status as a maverick presence on London’s public markets.
Sir Jon, who chairs the panicked HS2 excessive-race rail hyperlink conducting, is a archaic head of the Financial Reporting Council (FRC), the regulator which oversees corporate governance, the UK tax authority and eternal secretary at the Ministry of Defence.
He’s acknowledged to possess cast a constructive working relationship with both Mr Ashley and his son-in-laws, Michael Murray, who’s now Frasers’ chief govt.
For the length of Sir Jon’s time at the FRC, the watchdog fined Grant Thornton £1.3m for what it labelled were “extreme failings” in its audit work on Sports activities Explain Global, Frasers’ outdated title.
Mr Daly, who moreover sits on the board of Fulham Soccer Club, has chaired the company since 2018.
The group has change into one among the London stock market’s most prominent retailers, and has a market capitalisation of £3.3bn.
In unusual years, it has obtained a string of distressed retail corporations, including Evans Cycles, Gieves & Hawkes and Jack Wills.
It moreover holds stakes in a immense alternative of listed chains, including Currys and Mulberry.
Mr Ashley is in the mean time waging a public battle with Boohoo, the uncover model retailer which owns Debenhams, where Frasers is a first-rate shareholder.
The wants Boohoo to appoint him to its board in an attempt to handle the steep decline in its valuation.
Boohoo has rejected the request, paving the manner for a prolonged battle between them which might also end result in the staging of an phenomenal shareholder assembly.
Frasers declined to touch upon Sir Jon’s ability appointment.