Struggling UK supermarket group Wm Morrison has announced the appointment of Paul Manduca as a non-executive director of the company with effect from 6 September 2005.
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“We are delighted that Paul Manduca has agreed to join the Morrisons board. He has a long and distinguished career in fund management where he has held many senior management positions. His knowledge and understanding of the City and the needs of institutional shareholders will be of immense benefit to the company,” said Sir Ken Morrison, chairman of Morrisons.
Manduca, who most recently served as Deutsche Asset Management’s European chief executive, added: “Morrisons is a great food retailer and I look forward to helping the management team complete the integration of Safeway and developing its future strategy.”
According to the Guardian newspaper, Manduca will be viewed as a potential successor to the current chairman.
However, Manduca insisted there had not been discussions about him taking over the role of chairman. “I never assume anything about promotions,” Manduca was quoted as saying, “but I do expect to chair one of the board committees.”
Morrisons has been struggling to integrate the Safeway chain it acquired last year, and has issued a string of profit warnings.
