Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 6°C

Search

Retail: Sainsbury’s chief executive Justin King to stand down

PUBLISHED: 09:48 29 January 2014 | UPDATED: 09:52 29 January 2014

Sainsbury's chief executive Justin King who is to step down in July, the supermarket announced today.

Sainsbury's chief executive Justin King who is to step down in July, the supermarket announced today.

Sainsbury’s boss Justin King is to step down in July after 10 years as chief executive of the resurgent supermarket group.

The move, which ends months of speculation about his departure, will see commercial director Mike Coupe take over at the helm of the group.

Mr King has been credited with reviving the fortunes of the supermarket and more recently helping it fight off growing pressure on the sector from discount retailers.

Chairman David Tyler said: “Justin is a truly exceptional leader who has reshaped Sainsbury’s during his 10 years as CEO, as well as playing a leading role in the sector and wider business world. He leaves a lasting legacy with the company stronger than ever.”

Mr Tyler said Mr King’s successor was a man of “unique talent and experience”, added: “He has worked hand-in-hand with Justin over the past decade and has a proven track record of success, making him the natural choice to take the company forward.”

Mr King, who will stand down at the annual general meeting on July 9, said: “This was not an easy decision for me to make, and in truth it will never feel like the right time to leave a company like Sainsbury’s.

“It has been a privilege to have led the company for the past 10 years and I am incredibly proud of our achievements in that time. I am confident that under Mike’s leadership the business will go from strength to strength.”

Mr Coupe said: “It’s an absolute honour to be appointed as the new CEO of Sainsbury’s in this, the company’s 145th year, at a time when thanks to Justin’s leadership, we have been consistently outperforming the market.”

Sainsbury’s has recently been the only player among the UK’s “Big Four” supermarket chains to avoid having its market share eroded by the growth of discounters Aldi and Lidl and of up-market rival Waitrose. This has seen Sainsbury’s virtually draw level with Asda as the UK’s second-largest grocery business and close the gap on market-leader Tesco.

Search hundreds of local jobs at Jobs24

0 comments

The burgeoning strength of Norfolk and Suffolk’s technology industry has been underlined by a report which values its contribution at more than £320m.

PEP&CO - Britain’s fast-growing fashion brand, has confirmed it will open its 87th store as a ‘shop-in-shop’, in Ipswich on Friday March 31.

Do you know what MFW stands for? How about AMC? And could you tell which was financial and which was popular?

Almost half of financial services workers are now covered by a government plan to tackle gender inequality.

Suffolk wedding venue operator All Manor of Events has been named among the winners in the annual awards run by the Guides for Brides directory.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24