10th Jun 2016 06:29
LONDON (Alliance News) - J Sainsbury PLC on Friday said it will promote Chief Financial Officer John Rogers to the role of chief executive of Home Retail Group PLC once the two companies have merged, while Home Retail said its current CEO, John Walden, will step down from the business.
Rogers will be responsible for combining Sainsbury's non-food business with Home Retail's Argos retail chain. He will be replaced on an interim basis as CFO by Finance Director Ed Barker.
"John is a highly talented member of the team and has played a major role in delivering our performance and strategy at Sainsbury's. John's expertise goes beyond his finance role; his leadership expertise in strategy, digital, online and property make John the ideal candidate to lead HRG and ensure we deliver our ambition to be the leading multi-channel, multi-product retailer of choice for customers," Chief Executive Mike Coupe said in a statement.
"Ed has extensive senior finance experience within retail, including eight years at Sainsbury's. His in-depth knowledge of the business as well as his proven leadership of the Group Finance function will serve our business well during this interim period. We will now undertake a thorough search process for John's permanent replacement," Coupe added.
Separately, Home Retail said Walden will pursue new career opportunities once the company is taken over by Sainsbury's.
"I believe the acquisition of the group by Sainsbury's is in the best interests of our customers, colleagues and shareholders. However this impending transaction, together with the recent sale of the Homebase business, presents the opportunity for me to reassess the next stage in my career," Walden said.
The GBP1.2 billion acquisition is expected to complete in the third quarter of 2016.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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