What: Michael Murray is set to replace Ashley from May 2022.

Why it is important: Ashley, who still owns 64% of the group, will remain on its board as an executive director, with Murray taking over day-to-day operations.

Frasers Group, the U.K retail group behind Sports Direct, Flannels and House of Fraser, has confirmed media speculation that British retail tycoon Mike Ashley plans to step down from his role as the group’s chief executive officer and hand over the reins to his future son-in-law, Michael Murray, by May 2022.

Murray, aged 31 and engaged to Ashley’s daughter Anna, has been working as the group’s head of elevation and has been tasked with creating a more upmarket image for the company.

Frasers Group Confirms Plans for Mike Ashley to Step Down as CEO 

Ashley’s succession plan at Frasers might be more than window dressing