12th Feb 2015 09:49
LONDON (Alliance News) - Wm Morrison Supermarkets PLC Thursday said outgoing Chief Executive Dalton Philips will now be stepping down next Monday, and in the interim replaced by Finance Director Trevor Strain until a new CEO is found.
In a statement Thursday, the supermarket chain said the search for a new CEO is "progressing well".
Having initially announced last month that Philips would be stepping down in March after five years at the helm, Morrisons said Thursday that Philips will in fact now be stepping down from the board and leaving the company next Monday.
"With the financial year closing on 1 February 2015, the board and Dalton Philips have jointly agreed that as the new financial year begins it is the appropriate time for Dalton to relinquish his responsibilities. Dalton will therefore step down from the Board and leave the business on Monday 16 February," the company said Thursday.
Morrisons said Strain will chair the management board and assume Philip's executive responsibilities in the interim, while Chairman Andrew Higginson will "spend more time in the business" until a new CEO is in place.
"We're making good progress with the search for a new CEO. With Trevor Strain chairing the management board, together with the retailing strength and depth that I've seen in my short time at Morrisons, I'm confident that it will be business as usual during this transitional period," said Higginson.
Morrisons shares were trading at 180.60 pence Thursday morning, up 0.4%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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