Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 5°C

ESTD 1874 Search

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

09:48 29 January 2014

Sainsbury

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.

shares

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.

shares

0 comments

Alex Till of Menta.

Enterprise agency Menta has launched a new Digital Enterprise Engagement Programme (DEEP), offering newly formed local businesses and those who are self-employed access to free digital training courses.

Solar farm. Library image.

A proposed solar park in Wix has been tipped for approval by council planning officers.

The headquarters of Realise Futures in Ipswich.

Ipswich-based social enterprise Realise Futures has won a contract to provide supported employment services for adults with disabilities across a wide area of Essex.

Stage 5 of the Womens Tour passes through Onehouse on their way to Bury St Edmunds last year

Schoolchildren will also be involved in an evening of activities in Bury St Edmunds ahead of the start of a major women’s cycling event.

Cloud telecoms company X-on has launched Cuube, a new online communications services platform.

Cloud telecoms company X-on, based at the Framlingham Technology Centre, has launched Cuube, a new online communications services platform.

Paul Rous, of Bruisyard Hall, has launched a tech startup venture with Mark Pearson

A Suffolk entrepreneur has teamed up with a top technology investor, who made millions from a website he created with just £300, to help finance new ideas.

Jeremy Goulding, front, left, chief executive of Wheatley, is congratulated by Innovatioin Martlesham chair Ian Buxton on winning the first Innovationi Martlesham competition. Also pictured, from left, are Paul O'Brien of BT, Jane Bromley of Wheatley, Mike Ward of Wheatley and Mohamed Abdel-Maguid from University Campus Suffolk.

Software company Wheatley has been named winner of a new competition staged by Innovation Martlesham, the cluster of hi-tech companies based at BT’s Adastral Park research site, near Ipswich.

Total unemployment in the UK has reached a near seven year low, official figures showed today.
Photo: Philip Toscano/PA Wire

Unemployment in the UK has continued to fall and a record 31million people are in now work, according to the final labour market figures before the General Election.

The Nestle Purina plant in Sudbury.

KitKat, Nescafe and Shredded Wheat maker Nestlé said today that first quarter sales had been boosted by an earlier Easter, but with growth dented by currency changes after the Swiss central bank’s shock decision to lift a cap on the franc.

Most read

Most commented

Topic pages