Sir Jon Thompson, the former head of Britain's audit watchdog, will become chairman of Mike Ashley's Frasers Group next month. The retail giant confirmed Thompson will succeed David Daly, who is stepping down after eight years in the role.
Thompson will officially take on the chairman position on September 1st. Daly will step down from the board at the firm's annual general meeting on September 24th.
The former Financial Reporting Council boss joined Frasers as a non-executive director in June. He was widely reported to be lined up to take over the chairman role this year.
Board appointments and changes
Frasers also announced the expected appointment of Andy Lyon to the board. Lyon is a former partner at accountancy giant PwC who acted as audit partner for Next and its credit business.
The company said it was set to appoint a second "well-advanced candidate" for another non-executive director position. This forms part of broader board changes as Ger Wright and Helen Wright are not seeking re-election at the upcoming annual general meeting.
Company leadership and ownership
Chief executive Michael Murray praised Thompson's appointment, highlighting his corporate governance expertise. Murray said: "Jon's deep experience in corporate governance and strategic leadership will be invaluable as we continue to grow as a leading global retail business."
Frasers is majority-owned by retail tycoon Mike Ashley and operates multiple retail brands. The group owns House of Fraser, Flannels and Jack Wills, alongside the Sports Direct chain, and holds stakes in firms such as Hugo Boss.
Sources used: "PA Media" Note: This article has been edited with the help of Artificial Intelligence.
