Sir Jon Thompson, the former head of the Financial Reporting Council (FRC), is anticipated to assume the position of chairman at Frasers Group.
Thompson, who became a non-executive director on the Frasers Group board in June, is projected to take over from David Daly sometime in 2025, as reported by Sky News.
City sources indicated on Friday that while Thompson’s new appointment has yet to be officially confirmed by the Frasers board, it appears highly likely to occur.
In addition to his role at Frasers Group, Thompson chairs the HS2 high-speed rail link project and previously served as the CEO of the FRC, overseeing corporate governance, along with positions at the UK tax authority and as permanent secretary at the Ministry of Defence.
He is believed to have developed a positive working dynamic with Frasers owner Mike Ashley and the group’s CEO, Michael Murray.
This announcement comes at a time when Frasers Group is entangled in a conflict with Boohoo in the boardroom.
Recently, Mike Ashley described Boohoo’s actions as “desperate” after the struggling fast fashion company appointed Dan Finley, the head of Debenhams, as its new CEO instead of conceding to Ashley’s request to take the role.
On Thursday (14 November), Boohoo encouraged its investors to oppose Mike Ashley’s attempt for a board seat during its shareholder meeting in December, coinciding with the release of its increasing financial losses.
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