Frasers Group PLC (LSE:FRAS) said that Mike Ashley will not stand for re-election as a director at this year’s AGM and will step down from the board on 19 October.
The former Newcastle United Football Club owner will continue to support the company and its 'Elevation' strategy by investing a further £100mln on the same commercial terms as the group's existing unsecured borrowing facilities, the retail group behind House of Fraser and Sports Direct said in a statement.
He will still be available to the board and senior management in an advisory capacity if needed.
Ashley stepped down as CEO of Frasers Group last year, handing over the reins to son-in-law Michael Murray.
Ashley commented: "Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength.
“It is clear that the group has the right leadership and strategy in place and I feel very confident passing the baton to Michael and his team.
“Although I am stepping down from the board, I remain 100% committed to supporting Frasers and Michael's plans and ambitions, and I look forward to helping the team as and when they require me.
“My commitment and support as a Frasers' shareholder is as strong as ever."