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Frasers Group has confirmed that new CEO Michael Murray will waive his £1m base salary for the financial year ended 30 April 2023.
It comes as the group is focusing on achieving an adjusted profit before tax of “at least” £500m in its next results.
The group has also set out an aim to meet a hurdle share price of £15 for 30 consecutive dealing days during the vesting period.
If the two conditions are met before October 2025, Murray will receive a £100m bonus in line with an agreement made with Frasers Group back in September 2021.
In addition, CFO Chris Wootton, COO David Al-Mudallal and CCO Sean Nevitt will also receive bonuses if the targets are achieved.
Michael Murray assumed the role of CEO this year following the departure of Mike Ashley from the group.
Murray previously served as head of Elevation at Frasers and has reportedly helped with “transforming the business”.
