5th Jun 2014 09:00
LONDON (Alliance News) - Ian Gibson, chairman of Wm Morrison Supermarkets PLC, said Thursday he will step down from the role next year, telling the company's annual general meeting that he won't seek re-election at next year's AGM.
The UK supermarket chain, which has struggled to fend off pressure from its rivals and has been losing sales and profits, said it will now conduct and "orderly process" to appoint a successor to Gibson.
"This term will take me into my eighth year on Wm Morrisons board, and this announcement gives the board time to conduct an orderly search for a new chairman and ensure a smooth transition," said Gibson in a statement.
Gibson joined the group as non-executive deputy chairman in September 2007 and was appointed chairman in March 2008. Gibson previously held board positions at Trinity Mirror PLC, Greggs PLC and Asda, now part of Wal-Mart Stores Inc.
The announcement came as The Guardian newspaper reported Wednesday that Morissons is set to announce a wave of management restructuring within its stores, which could see as many as 2,000 job losses.
Shares in Morrisons were down 0.9% at 192.20 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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