The board of UK supermarket company J Sainsbury has announced that Sir George Bull, who had been due to retire in July this year, has agreed to extend his tenure as chairman until 28 March 2004.
At the request of the board, CEO Sir Peter Davis has also agreed to extend his time with the retailer and will assume the role of chairman on 29 March 2004. As part of the same process Sainsbury’s said it will be initiating a search for an independent non-executive deputy chairman, a new role for the company, to be appointed during 2004 with the intention that this individual will in due course become non-executive chairman.
Sainsbury’s said the changes would ensure management continuity in the next eighteen to twenty-four months. The company will start a formal recruitment process later this year with a view to appointing a new chief executive either internally or externally by March 2004.
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