Former Financial Reporting Council (FRC) boss Sir Jon Thompson is expected to take over as chairman of Frasers Group.
Thompson, who joined the Frasers Group board in June as a non-executive director, is set to take over from David Daly at some point in 2025, Sky News reported.
While city insiders said on Friday that Thompson’s new role had yet to be finalised by Frasers’ board, they believed it was almost certain to take place.
Thompson is also chair of the HS2 high-speed rail link project, and was former CEO of the FRC, which oversees corporate governance, the UK tax authority, and permanent secretary at the Ministry of Defence.
The executive is said to have formed a constructive working relationship with Ashley and Frasers boss Michael Murray.
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The appointment comes as Frasers has been embroiled in a boardroom battle with Boohoo.
Last week, Mike Ashley labelled Boohoo “desperate” after the ailing fast fashion retailer promoted Debenhams boss Dan Finley to chief executive instead of relenting to his demands to take the hotseat.
On Thursday (14 November), Boohoo urged investors to reject Mike Ashley’s bid for a board seat at its shareholder meeting in December, as it posted widening losses.
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