The previous head of Britain’s audit watchdog is being lined up as the subsequent chairman of excessive road billionaire Mike Ashley’s London-listed retail empire.
Sky Information has learnt that Sir Jon Thompson, who joined the board of Frasers Group earlier this 12 months as a non-executive director, is predicted to take over from David Daly sooner or later subsequent 12 months.
Metropolis sources mentioned on Friday that Sir Jon’s appointment as chairman had but to be finalised by Frasers’ board, however added that it was virtually sure to happen.
If confirmed, it will underline a outstanding turnaround within the firm’s strategy to company governance lately, having earned a repute as a maverick presence on London’s public markets.
Sir Jon, who chairs the troubled HS2 high-speed rail hyperlink undertaking, is a former head of the Monetary Reporting Council (FRC), the regulator which oversees company governance, the UK tax authority and everlasting secretary on the Ministry of Defence.
He’s mentioned to have solid a constructive working relationship with each Mr Ashley and his son-in-law, Michael Murray, who’s now Frasers’ chief govt.
Throughout Sir Jon’s time on the FRC, the watchdog fined Grant Thornton £1.3m for what it labelled had been “critical failings” in its audit work on Sports activities Direct Worldwide, Frasers’ earlier identify.
Mr Daly, who additionally sits on the board of Fulham Soccer Membership, has chaired the corporate since 2018.
The group has turn into one of many London inventory market’s most distinguished retailers, and has a market capitalisation of £3.3bn.
Lately, it has acquired a string of distressed retail companies, together with Evans Cycles, Gieves & Hawkes and Jack Wills.
It additionally holds stakes in numerous listed chains, together with Currys and Mulberry.
Mr Ashley is presently waging a public battle with Boohoo, the web style retailer which owns Debenhams, the place Frasers is a serious shareholder.
The tycoon desires Boohoo to nominate him to its board in an try to deal with the steep decline in its valuation.
Boohoo has rejected the request, paving the way in which for a protracted battle between them which might consequence within the staging of a unprecedented shareholder assembly.
Frasers declined to touch upon Sir Jon’s potential appointment.
