Frasers reshuffles board with David Daly to step down as chair

(Alliance News) - Frasers Group PLC on Friday said Jon Thompson will succeed David Daly as chair on Monday, as the owner of the House of Fraser, Sports Direct and Flannels brands rejigged its board.

The Shirebrook, England-based company, founded by high street billionaire Mike Ashley, said Daly will step down from the board after eight years at the company's annual general meeting on September 24.

Thompson joined the board of Frasers back in June of last year as a non-executive director, with the company stating that his appointment marks an "important step" in its long-term strategy as it seeks to "strengthen its position as a global business."

Thompson was formerly the head of the UK Financial Reporting Council, which oversees corporate governance matters.

Frasers added that it anticipates appointing former senior audit partner at PricewaterhouseCoopers, Andy Lyon, as a non-executive director, expecting him to add "significant financial and governance experience" to support the development of Frasers Plus.

Frasers Plus is a credit product allowing for the use of credit limits to purchase goods and pay in different ways.

The company said it expects to make a further announcement regarding a second "well-advanced candidate" for another non-executive director position.

These roles will succeed David Daly, Ger Wright and Helen Wright who are not seeking re-election at the upcoming AGM.

Shares in Frasers were down 0.9% at 680.00 pence on Friday morning in London.

"Jon's deep experience in corporate governance and strategic leadership will be invaluable as we continue to grow as a leading global retail business," said Frasers Chief Executive Officer Michael Murray.

By Christopher Ward, Alliance News reporter

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