Michael Murray
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| Michael Murray | |
|---|---|
| Born | 13 September 1989 Doncaster, England |
| 🏫 Education | Reading University |
| 💼 Occupation | Business executive Property developer |
| Title | CEO, Frasers Group PLC |
| Term | May 2022 - present |
| Predecessor | Mike Ashley |
Michael Patrick Murray (born on 13 September 1989) is a British businessman. On May 1, 2022, at the age of 32, he became a Chief Executive Officer of Frasers Group as one of the youngest chief executives among FTSE 250 companies.[1]
Early life[edit]
Michael Murray was born on 13 September 1989 in Doncaster.[2] His father Mick, a property developer,[3] co-founded Doncaster’s biggest landlord, Lazarus Properties, whose portfolio includes high-end London sites in Kensington, Holland Park and Belgravia. Murray’s mother Nicola is also an entrepreneur who runs an interior design business.[2]
Michael Murray attended Sedbergh boarding school in Cumbria,[4] and graduated with a Bachelor’s degree from the Reading University.[5]
Career[edit]
While still at the Reading University, Murray ran festivals and student nights,[2] as a nightclub promoter,[4] and began to invest in property buying two bars.[4]
After meeting the eldest daughter of Mike Ashley, Anna,[6] on holiday in 2011, Murray started working for Ashley’s company – now Frasers Group PLC[7] - in 2016[8] assisting with personal property deals.[9]
Murray was not on the company’s board, but employed as a consultant.[10] He set up his own property consultancy in December 2015.[5]
Murray has collected over £33m in payouts during the period of 2019 to April 2022:[4] The payouts during 2019 and 2020 amounted to £9.7m, with further sum of £2.5m in 2021[11] and additional £20.9m payment for 2022,[12] before Murray was to become a chief executive[13] on May 1, 2022[14] five years after Ashley took on the role.[8]
Murray is also entitled to a £100m bonus[15] worth of shares,[16] if Frasers’ share price more than doubles to £15 for a consecutive 30-day period at any point[17] by 2025.[4]
References[edit]
- ↑ Emma Simpson (5 May 2022). "Sports Direct: New boss Michael Murray warns of price rises". BBC News. Retrieved 6 May 2022.
New Sports Direct boss: "I've proved myself and my worth to the group"
- ↑ 2.0 2.1 2.2 Sarah Butler (5 August 2021). "Michael Murray: from club promoter to Mike Ashley's likely successor". The Guardian. Retrieved 6 May 2022.
- ↑ Jonathan Eley (7 August 2021). "How Flannels drove the rise of Michael Murray". Financial Times. Retrieved 5 June 2022.
- ↑ 4.0 4.1 4.2 4.3 4.4 Sarah Butler (2 May 2022). "A more acceptable Mike Ashley': Sports Direct's owner gets a new boss". The Guardian. Retrieved 6 May 2022.
- ↑ 5.0 5.1 Emma Simpson (5 August 2021). "Sports Direct's Mike Ashley to hand reins to future son-in-law". BBC News. Retrieved 6 May 2022.
- ↑ Ashley Armstrong (6 August 2021). "Meet Michael Murray: Mike Ashley's future son-in-law and successor at Sports Direct". The Sunday Times. Retrieved 5 June 2022.
- ↑ Andrea Felsted (9 August 2021). "The Tracksuit Dynasty Aspiring to a Greater Blingdom. Mike Ashley wants his sports retailing empire to go upmarket. That includes keeping potential succession within the family, like LVMH and Prada". Bloomberg.com. Retrieved 6 May 2022.
- ↑ 8.0 8.1 Sarah Butler (5 August 2021). "Mike Ashley to step down as chief of Sports Direct owner Frasers Group. Retail group in talks about handing top role to 31-year-old fiance of businessman's daughter". The Guardian. Retrieved 6 May 2022.
- ↑ Hotten, Russell (23 April 2022). "Frasers seals £21m deal for incoming boss Michael Murray". The Sunday Times. Retrieved 12 June 2022.
- ↑ Clara Hernanz Lizarraga (22 April 2022). "Frasers Will Pay Its Incoming CEO $27 Million for Consultancy Work". Bloomberg.com. Retrieved 12 June 2022.
- ↑ Sarah Butler (22 April 2022). "Mike Ashley's Frasers Group to hand nearly £21m to incoming chief. Sports Direct owner's 'head of elevation' Michael Murray is engaged to founder's daughter". The Guardian. Retrieved 6 May 2022.
- ↑ Onita, Laura (22 April 2022). "Mike Ashley to pay future son-in-law £20.9m before he becomes Frasers chief. Michael Murray will take over from the retail tycoon on May 1". The Telegraph. Retrieved 6 May 2022.
- ↑ Ashley Armstrong (6 August 2021). "Mike Ashley to make daughter's fiancé Frasers Group chief executive". The Sunday Times. Retrieved 5 June 2022.
- ↑ Onita, Laura (4 August 2021). "'Mini Mike': From night club promoter to Sports Direct successor". The Telegraph. Retrieved 5 June 2022.
- ↑ Jonathan Eley (25 August 2021). "Incoming Frasers chief could earn £100m in shares in three years". Financial Times. Retrieved 5 June 2022.
- ↑ Andrea Felsted (27 August 2021). "Analysis | British Billionaire Mike Ashley Shows How Not to Set CEO Pay". The Washington Post. Retrieved 5 June 2022.
- ↑ Moon, Louise (25 August 2021). "Mike Ashley's successor set to earn £100m within three years. Full package details are expected later this week for Michael Murray, Mr Ashley's future son-in-law and Frasers' incoming chief executive". The Telegraph. Retrieved 6 May 2022.
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