Justin King to step down as Sainsbury's CEO
Sainsbury's has announced that Justin King is to step down in July after ten years as chief executive and will be succeeded by group commercial director Mike Coupe.
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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