Sir Ken Morrison lambasts Morrisons management at AGM
Sir Ken, who left the business in 2008, described Morrisons’ results as "disastrous".
He was extraordinarily frank in his comments directed at chief executive Dalton Philips who joined the business in 2010 when the company did not have an online grocery or convenience store business.
Sir Ken said: “When I left work and started working as a hobby, I chose to raise cattle. I have something like 1,000 bullocks and, having listened to your presentation, Dalton, you’ve got a lot more bulls**t than me.
He added that he had warned in 2009 and 2012 that changes being implemented by directors would seriously damage the business and said he had been proved right.
Morrisons made a £176 million loss in the year to 2 February 2014, down from a profit of £879 million the year before. Last month the supermarket reported a 7.1% drop in like-for-like sales in its first quarter and also announced that it had cut prices permanently on over 1,200 essential items as it looked to compete with rivals.
The supermarket launched its online grocery business late last year and is aiming to cover 50% of the UK by the beginning of 2015. It is also playing catch-up with its convenience business and has a target of 200 stores by the end of 2014/15.
Earlier yesterday it was announced that Morrisons chairman Sir Ian Gibson will step down in 2015.
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