UK: Tension increases over appointment of new Morrisons CEO
The rumours of a split between Sir Ken Morrison, Morrisons chairman, and the supermarket chain's non-executive directors over the appointment of a new chief executive look set to be fuelled by the shareholder meetings scheduled for today (27 March). However, just-food has learnt, Morrisons management hopes to steer well clear of the subject.
There appears to be a deepening rift between the Morrisons chairman, who favours the appointment of a Morrisons old-hand, and the company's non-executive directors, who feel fresh blood is needed to get the company back on track after the costly Safeway purchase that caused the supermarket operator to report its first year of losses last week.
Reports have been appearing in the UK press that meetings to discuss Morrisons' financial results and 'optimisation programme' will be overshadowed by the question of appointing a new CEO.
Indeed, Fiona Mulcathy, Morrisons spokesperson, told just-food: "I would imagine that shareholders would have similar questions as analysts and the press."
However, she said that the routine meetings would not bring any new revelations to light, reiterating the message that Morrison delivered at the results presentation. "We are actively looking for a new chief executive, but we are not going to jump into hiring the first person available," she said.
The Competition Commission has published a list of uses as part of its inquiry into the recent acquisition of 115 stores and other assets from WM Morrison Supermarkets by supermarket chain Somerfield....
Supermarket Tesco further increased its lead in the UK grocery market in the twelve weeks to 24 April 2005, according to market analysts TNS. Sainsbury managed a small rise, while Wal-Mart's Asda and ...
Dairy company Robert Wiseman Dairies PLC announced today (Thursday) that its supply contract with Wm Morrison Supermarkets is not to be renewed....
Dairy Company Dairy Crest announced today (Thursday) that it is getting a bigger share of WM Morrison's dairy business. It has also acquired dairy company Starcross Foods....
Supermarket chain Safeway has reported net income of $131.3mfor the first quarter ended 26 March 2005 compared to $43.1m for the first quarter of 2004....
Retail supply chain exchanges GlobalNetXchange and the WorldWide Retail Exchange today (Monday) announced that they have agreed to merge....
Supermarket Safeway is today (Wednesday) opening a new $175m distribution centre in Auburn, Washington, the culmination of a 2 1/2 year project which it says solidifies its position in the north west....
Tesco, the UK's biggest supermarket chain, has today (Tuesday) reported a 20.5% rise in pre-tax profits to £2.029bn (US$3.84bn) for the 52 weeks ended 26 February 2005....
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