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19/11/2003
Sainsbury’s pot chief executive from M&S food division
Sainsbury's have announced the appointment of Justin King (42) as group chief executive.
Currently Marks & Spencer's executive director in charge of their food division, Mr King will take over the reins, and the £675,000-a-year chief executive post, from Sir Peter Davis, who in turn takes over as interim chairman in April next year on the retirement of Sir George Bull.
Although the elevation of Sir Peter Davis to chairman is a move that may be deemed to contravene the Higgs code, Sainsbury's will seek to circumvent this by explaining the corporate decision to shareholders.
Sainsbury’s group chief executive, Sir Peter Davis, said: “Justin’s early training with Mars and his food retailing experience with value oriented ASDA and quality focused Marks and Spencer makes him the ideal candidate for Sainsbury’s.
"Justin identifies with our trading strengths and, in an increasingly competitive market, has the talent and experience to drive our business forward on a greatly modernised and improved infrastructure.”
Sir George Bull, Sainsbury’s non-executive chairman led the selection process through the nomination committee.
He said: “We instigated a thorough search nationally and internationally through Whitehead Mann, a leading executive search agency, and have considered a number of suitable candidates. In the final stage the non-executive directors were unanimous in selecting Justin King from a short-list of very well qualified and experienced candidates.”
Mr King said: “After 20 years in the grocery industry I know the special role Sainsbury’s has for millions of customers. I’m delighted to be given the opportunity to lead the next stage of Sainsbury’s development and look forward to the challenge.”
The nomination committee will now identify a new non-executive deputy chairman by April 2004 available to succeed Sir Peter as chairman in July 2005.
Also announced today were Sainsbury's interim results. Amid tough competition in the sector, these revealed a 7% rise in pre-tax profits, rising to £366 million from £342 million last year.
(SP)
Currently Marks & Spencer's executive director in charge of their food division, Mr King will take over the reins, and the £675,000-a-year chief executive post, from Sir Peter Davis, who in turn takes over as interim chairman in April next year on the retirement of Sir George Bull.
Although the elevation of Sir Peter Davis to chairman is a move that may be deemed to contravene the Higgs code, Sainsbury's will seek to circumvent this by explaining the corporate decision to shareholders.
Sainsbury’s group chief executive, Sir Peter Davis, said: “Justin’s early training with Mars and his food retailing experience with value oriented ASDA and quality focused Marks and Spencer makes him the ideal candidate for Sainsbury’s.
"Justin identifies with our trading strengths and, in an increasingly competitive market, has the talent and experience to drive our business forward on a greatly modernised and improved infrastructure.”
Sir George Bull, Sainsbury’s non-executive chairman led the selection process through the nomination committee.
He said: “We instigated a thorough search nationally and internationally through Whitehead Mann, a leading executive search agency, and have considered a number of suitable candidates. In the final stage the non-executive directors were unanimous in selecting Justin King from a short-list of very well qualified and experienced candidates.”
Mr King said: “After 20 years in the grocery industry I know the special role Sainsbury’s has for millions of customers. I’m delighted to be given the opportunity to lead the next stage of Sainsbury’s development and look forward to the challenge.”
The nomination committee will now identify a new non-executive deputy chairman by April 2004 available to succeed Sir Peter as chairman in July 2005.
Also announced today were Sainsbury's interim results. Amid tough competition in the sector, these revealed a 7% rise in pre-tax profits, rising to £366 million from £342 million last year.
(SP)
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