𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

The former head of Britain’s audit watchdog will join Mike Ashley’s Frasers Group as chairman from next month, the retailer has confirmed.

Sir Jon Thompson will succeed David Daly, who steps down after eight years in the role.

Frasers appointed ex-Financial Reporting Council (FRC) boss Sir Jon to the board as a non-executive director in June and was widely reported to be lining him up to take over from Mr Daly this year.

Sir Jon will take on the role on September 1, with Mr Daly stepping down from the board at the firm’s annual general meeting (AGM) on September 24.

The Sports Direct owner also announced the expected appointment to the board of Andy Lyon, a former partner at accountancy giant PwC, who acted as audit partner for Next and its credit business.

It said it was also set to appoint a second “well-advanced candidate” for a further non-executive director position as it looks to also replace Ger Wright and Helen Wright, who are not seeking re-election at the group’s upcoming AGM.

Frasers chief executive Michael Murray said: “Jon’s deep experience in corporate governance and strategic leadership will be invaluable as we continue to grow as a leading global retail business.”

Frasers is majority-owned by retail tycoon Mr Ashley and also owns brands including House of Fraser, Flannels and Jack Wills and stakes in firms such as Hugo Boss.