6th Jun 2014 05:58
LONDON (Alliance News) - The founding family of WM Morrison Supermarkets PLC criticised the current directors' turnaround strategy at the company's annual general meeting, The Times reports.
The board of the company were barraged with criticism from investors at the meeting, The Times said, as members of the founding family questioned the competence of its managers after its poor performance during the year.
A quarter of investors voted against Morrison' remuneration policies, and 14% against the reappointment of Chief Executive Dalton Philips.
Ken Morrison, who owns a 9.5% interest in the company, attacked the board for ignoring his warnings that the strategy was likely to fail, and the company needed to focus on its core businesses instead of investing in convenience stores and online sales.
?Can the present management deliver this? I fear not,? Sir Ken said, according to the report. ?A first-class business has been ruined by a lack of leadership from the top.?
Morrison's chairman Ian Gibson will be stepping down next year.
http://www.thetimes.co.uk/tto/business/industries/retailing/article4109792.ece
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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