Frasers lines up former FRC boss as chair
Thompson joined the Frasers board as a non-executive director in June and was previously chair of the FRC from 2019 to August 2023
Frasers is reportedly lining up former Financial Reporting Council (FRC) boss Sir Jon Thompson to replace David Daly as its chairman sometime next year, according to Sky News.
The outlet reported that while the move has yet to be officially announced, its sources believe it is more than likely to take place.
Thompson joined the Frasers board as a non-executive director in June and was previously chair of the FRC from 2019 to August 2023, when he left to become chair of the HS2 high-speed rail link project.
It is thought Thompson has developed a good working relationship with both Ashley and its chief executive Michael Murray.
During his time overseeing the audit watchdog, the FRC worked on an investigation which led to Grant Thornton being fined £1.3m for what the FRC labelled were “serious failings” in its audit work on Fraser’s former entity Sports Direct International.
The news comes as Mike Ashley’s Frasers group is in the midst of a boardroom battle with Boohoo, recently calling its decision to name Debenhams CEO Dan Finley as its new CEO as “desperate”, after the fast-fashion retailer rejected Frasers’ demands to appoint Ashley as leader of the group.
Frasers has been contacted for comment.
