Frasers Group to waive million pound salary for new CEO

Frasers Group has confirmed it will be waiving its new chief executive officer’s one million pound base salary for the financial year to 30 April 2023.

Michael Murray, who took over the leadership in May 2022, replaced founder Mike Ashley after the former boss stepped down from his 40 year stretch in the position.

The move by Murray hopes to allow Frasers Group to focus on achieving a share price of 15 pounds for 30 consecutive dealing days during the vesting period and snapping up a pre-tax profit of at least 500 million pounds.

If the two conditions are met before October 2025, Murray is set to receive a 100 million pounds bonus in line with his agreement with Frasers Group announced back in September 2021.

In its release, the fashion conglomerate also noted its CFO Chris Wootton, CCO Sean Nevitt and COO David Al-Mudallal will also receive bonuses if the goals are met.