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[January 30, 2014]
Sainsbury's boss steps down after 10 years [Western Mail (Wales)]
(Western Mail (Wales) Via Acquire Media NewsEdge) SAINSBURY'S boss Justin King is to step down in July after 10 years as chief executive of the supermarket.
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.
He 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.
" It is the 157,000 colleagues that make Sainsbury's so special and I would like to thank them for their amazing efforts over the last decade in making Sainsbury's great again.
"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, and at a time when thanks to Justin's leadership, we have been consistently outperforming the market.
"I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders." Sainsbury's 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.
"The board thanks him for his outstanding achievements in 'Making Sainsbury's Great Again'. He leaves a lasting legacy, with the Company stronger than ever.
"We are delighted to appoint a CEO of Mike's unique talent and experience as Justin's successor to lead the next chapter of Sainsbury's history.
"No one knows Sainsbury's - or the industry - better than Mike.
"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." (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.
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