22nd Jan 2020 08:01
(Alliance News) - J Sainsbury PLC said Wednesday Mike Coupe will retire from his role as chief executive officer at the end of May.
The supermarket said Coupe, who has served as CEO for almost six years, will be succeeded by Retail & Operations Director Simon Roberts, who will start his new role from June 1.
Sainsbury's said Coupe will remain a director from June 1 until the annual general meeting on July 2. During the period, he will support Roberts and the board with the transition and an orderly handover of responsibilities, the company said.
Chair Martin Scicluna said: "Mike has been bold and ambitious on behalf of our shareholders, customers and our colleagues. Investing heavily in convenience, online and our digital capability, selling Sainsbury's pharmacy business and acquiring Argos and Nectar have all been sound strategic moves."
"The board and I are very grateful to him for his service and we look forward to continuing to work together until the annual general meeting," Scicluna said.
On Tuesday, Sainsbury confirmed that hundreds more management jobs are being cut in the latest overhaul following its takeover of the Argos catalogue retail chain.
The supermarket confirmed plans to further integrate the head office functions for both Sainsbury's and Argos across departments including commercial, retail, finance, digital, technology and human resources.
It comes as the retailer has already cut the number of senior leadership roles by more than a fifth since last March.
The group recently posted falling sales over its Christmas quarter as a tough toy and video games market offset a robust performance in food and clothing. The group warned that trading is set to remain "highly competitive and promotional" in 2020, with ongoing consumer uncertainty clouding the outlook.
By Loreta Juodagalvyte; [email protected]
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