Menu
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)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
25 July 2002
Sir John Carter appointed NHBC Chairman
Sir John Carter is to become the Chairman of NHBC (National House-Building Council) from November this year, succeeding Sir Michael Pickard, who will retire on 22 November after over four years in the role.
Sir John Carter appointed NHBC Chairman
Sir John Carter is to become the Chairman of NHBC (National House-Building Council) from November this year, succeeding Sir Michael Pickard, who will retire on 22 November after over four years in the role.
05 September 2001
Marconi shareholders furious at pay-off for departing CEO
Shareholders at Marconi have expressed fury at a possible £1 million pay-off to the departing chief executive of the troubled UK telecoms equipment manufacturer. Marconi shocked the markets on Tuesday by announcing a further 2,000 job cuts on top of the 8,000 already announced earlier this year.
Marconi shareholders furious at pay-off for departing CEO
Shareholders at Marconi have expressed fury at a possible £1 million pay-off to the departing chief executive of the troubled UK telecoms equipment manufacturer. Marconi shocked the markets on Tuesday by announcing a further 2,000 job cuts on top of the 8,000 already announced earlier this year.
05 December 2003
MyTravel Group Chief Executive steps down
Troubled tour operator MyTravel Group has announced that Duncan Wilson has resigned from the board and as Chief Executive of MyTravel UK and Ireland.
MyTravel Group Chief Executive steps down
Troubled tour operator MyTravel Group has announced that Duncan Wilson has resigned from the board and as Chief Executive of MyTravel UK and Ireland.
19 March 2013
2.1% Sales Increase For Sainsbury's
Supermarket chain Sainsbury's has reported a 2.1% rise in sales for the year to 16 March and record customer numbers. The figures reveal the best sales growth came from non-food products, where profit margins are generally higher, with clothing sales 20% above those of a year ago.
2.1% Sales Increase For Sainsbury's
Supermarket chain Sainsbury's has reported a 2.1% rise in sales for the year to 16 March and record customer numbers. The figures reveal the best sales growth came from non-food products, where profit margins are generally higher, with clothing sales 20% above those of a year ago.
21 November 2001
Sainsbury’s recovery plan leads to profits increase
Supermarket giant Sainsbury’s has reported a profit increase for the April to October period, indicating that the presence of Sir Peter Davis at the helm of the company is beginning to pay off. The company – one of the UK’s largest retailers – revealed a rise of 3.
Sainsbury’s recovery plan leads to profits increase
Supermarket giant Sainsbury’s has reported a profit increase for the April to October period, indicating that the presence of Sir Peter Davis at the helm of the company is beginning to pay off. The company – one of the UK’s largest retailers – revealed a rise of 3.
-
Northern Ireland WeatherToday:A cloudy day with a little light rain or drizzle at times, but some spells of drier weather too. The north coast may become somewhat brighter later this afternoon. Maximum temperature 11 °C.Tonight:Cloudy and patchy light rain will slowly clear away this evening. Then the rest of the night will be dry with broken cloud. Westerly winds freshening in the early hours. Minimum temperature 6 °C.
