Frasers Group is set to undergo a significant leadership change with the anticipated appointment of Sir Jon Thompson as chairman.
- Sir Jon Thompson, previously head of the Financial Reporting Council (FRC), joined Frasers Group as a non-executive director this June.
- Thompson’s transition to chairman, taking over from David Daly, is expected to conclude in 2025, though final confirmation from the board is pending.
- Thompson maintains significant roles, including chair of the HS2 rail project, highlighting his extensive governance experience.
- The leadership shake-up comes amid Frasers Group’s ongoing conflict with Boohoo over board positions.
Frasers Group is poised to make a significant change in its leadership with the expected appointment of Sir Jon Thompson as the new chairman. Having joined Frasers Group as a non-executive director in June, Thompson’s move to take over from the current chairman, David Daly, is anticipated to be completed by 2025, according to sources familiar with the matter. While official ratification from the Frasers board is still awaited, insiders suggest that Thompson’s new appointment is nearly certain.
Sir Jon Thompson brings a wealth of experience to the role, having previously served as the chief executive of the Financial Reporting Council (FRC). Further underscoring his credentials, Thompson currently chairs the HS2 high-speed rail link project and has held executive positions such as the head of the UK tax authority and Permanent Secretary at the Ministry of Defence. His leadership portfolio showcases his capability to manage complex governance responsibilities.
Thompson has reportedly developed a positive working relationship with key Frasers stakeholders, including Michael Murray. City insiders express confidence in his ability to lead, viewing this appointment as a strategic move to align Frasers Group’s governance with its ambitious growth plans.
The timing of Thompson’s expected appointment coincides with a contentious period for Frasers Group, involving a boardroom dispute with Boohoo. Frasers founder Mike Ashley recently criticised Boohoo’s decision to appoint Dan Finley as CEO over Ashley’s preference for the role. Further intensifying the boardroom drama, Boohoo has been actively urging its investors to deny Ashley a board seat during its upcoming December shareholder meeting as the company confronts increased financial losses.
In summary, Frasers Group’s decision to appoint Sir Jon Thompson as chairman marks a strategic move in fortifying its leadership amidst external challenges.
