Ray has enjoyed a long career in the media industry, retiring as Chief Executive of Aegis's European network and from the PLC board in 2002. Since then Ray has taken on non-executive roles in a number of major media companies, notably at London Weekend Television, Just Media, and at Starcom. He is currently engaged in investing in media based start-ups, taking an active interest in their development. Ray recently combined his interest in history and film by completing an MA in History of Film. He is an enthusiastic (if erratic) golfer, fanatical Chelsea supporter, and a fully paid up member of the lycra-wearing community of cyclists.