Mike Ashley Steps Down As Director Of Owner Of Sports Direct – Business Live

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Hello and welcome to our live coverage of business, economy, financial markets and the Eurozone.
Mike Ashley’s controversial reign as head of Frasers, owner of Sports Direct, will end in May 2022, the company announced this morning.

As part of the plan, Ashley would step down as chief executive but remain on the board as executive director.

Ashley will be replaced by her future son-in-law, Michael Murray, who led the retail group’s upscaling strategy, a so-called “uplift strategy” unlike the way Ashley developed Sports Direct in its early days. years. .

Murray will succeed Ashley on May 1, 2022. “A reward and compensation package is currently under review assuming Michael Murray will take on the role of CEO,” Frasers Group said. He added :

The group’s elevation strategy is transforming the company and is receiving positive feedback from consumers and our partner brands, especially on projects such as the new Oxford Street Sports Direct which opened in June 2021.
The Board considers it appropriate for Michael to guide us on this increasingly successful journey of elevation.

The day promises to be busy at the beginning of August. We’re going to review all of the companies reporting today – Rolls-Royce, Savills, Serco and Hammerson among them.

And let’s not forget the bank of england results of the monetary policy committee vote at noon.

The key question today is the pace of bond purchases under the Bank’s quantitative easing program. The city’s 14 economists polled by Reuters believe the Bank’s rate regulators have left the pace of sales unchanged, but we’ll be watching for signs of dissent.

Agenda

  • 8:30 a.m. BST: Eurozone Construction Purchasing Managers Index (PMI) (July)
  • 9 a.m. BST: new car registrations in the UK (July)
  • 9:30 a.m. BST: UK Construction PMI (July)
  • 12 p.m. BST: Bank of England decision on interest rates
  • 1:30 p.m. BST: Initial jobless claims in the United States (week ending July 31)
  • 1:30 p.m. BST: United States’ international trade balance (June)

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