Justin King to step down as Sainsbury's CEO
While no mention was made of King’s future plans, Sainsbury’s chairman David Tyler said that King had been a “truly exceptional leader” who would leave a lasting legacy with the company “stronger than ever”, after reshaping the business during his tenure.
Tyler also said that Coupe was a natural choice to take the company forward following King’s departure as he had worked hand-in hand with the chief executive over the last ten years and had a proven track record of success.
Commenting on his departure King said: "This was not an easy decision for me to make, and in truth it will never feel like the right time to leave a company like Sainsbury's. It has been a privilege to have led the company for the past 10 years and I am incredibly proud of our achievements in that time.
"It is the 157,000 colleagues that make Sainsbury's so special and I would like to thank them for their amazing efforts over the last decade in making Sainsbury's great again. I am confident that under Mike's leadership the business will go from strength to strength."
Coupe added: "It's an absolute honour to be appointed as the new CEO of Sainsbury's in this, the company's 145th year, and at a time when thanks to Justin's leadership, we have been consistently outperforming the market. I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders."
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