Morrisons finance boss Gleeson departs following takeover
Morrisons chief financial officer Michael Gleeson is stepping down from the business just months after takeover by US private equity firm Clayton, Dubilier & Rice (CD&R).
In a statement on Friday, Gleeson said it was “a good time for me to take on a fresh challenge” after eight years with the retailer.
The announcement comes ahead of a period of refinancing for Morrisons some six months after CD&R beat off strong competition to acquire the business.
Morrisons chief executive David Potts said of Gleeson: “Michael has made a significant contribution to the business over the last eight years. He leaves us with our sincere thanks and with our best wishes for his future endeavours.”
New York-based CD&R bought Morrisons in October for £7billion after a tense bidding war with rival private equity firm Fortress. The deal was orchestrated by ex-Tesco boss Sir Terry Leahy, who works for the private equity group and has taken over as Morrisons chairman.
Gleeson cashed in on the takeover, earning £2.5m from shares he owned as well as undisclosed payouts from future incentive schemes.
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