Former FRC boss to chair Mike Ashley's Frasers Group

Former Financial Reporting Council boss Sir Jon Thompson is being lined up to take over as Chairman of Frasers Group.

Thompson, who joined Frasers Group's board earlier this year as a Non-Executive Director, is expected to take over from David Daly at some point in 2025, according to Sky News.

Sources told the publication on Friday that Thompson's appointment as Chairman had yet to be finalised by Frasers' board, but added that it was almost certain to take place.

Thompson, who also chairs the HS2 high-speed rail link project, is a former CEO of the Financial Reporting Council, which oversees corporate governance, the UK tax authority and permanent secretary at the Ministry of Defence.

He is said to have formed a constructive working relationship with both Mike Ashley and Frasers boss, Michael Murray.

The appointment comes amid an ongoing spat between Frasers Group and Boohoo, with the latter urging investors to reject Ashley’s bid for a board seat at a shareholder meeting next month.

Frasers had requested a board seat to "protect shareholder value", expressing concerns that Boohoo's Co-founder Mahmud Kamani may reacquire the company’s assets at a discount.

However, Boohoo responded stating that it is "concerned that Frasers is using its significant shareholdings in UK retailers, including Boohoo, to further its own self-interest at the expense of other shareholders".

Boohoo said it has a "credible plan to unlock and maximise value for the benefit of all shareholders" under the guidance of new boss Dan Finley and warned of the risks posed by rival Frasers’ influence.

The online retailer recently appointed former Debenhams boss Finley as its new CEO, something Frasers said was "rushed".

Frasers had been pushing for Boohoo to install Ashley at the helm after the previous CEO stepped down.