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Sainsbury's chief Justin King to step down in July Sainsbury's chief Justin King to step down in July
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Sainsbury's chief executive Justin King is to leave the supermarket chain in July after ten years at the helm. Sainsbury's chief executive Justin King is set to leave the supermarket chain in July after ten years at the helm.
King will be replaced by commercial director Mike Coupe, the company said.King will be replaced by commercial director Mike Coupe, the company said.
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.  In statement, 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. I am confident that under Mike’s leadership the business will go from strength to strength." "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. I am confident that under Mike’s leadership the business will go from strength to strength."
Coupe said: "It’s an absolute honour to be appointed as the new CEO of Sainsbury’s in this, the Company’s 145 year, and at a time when thanks to Justin’s leadership, we have been consistently outperforming the market. Coupe said: "It’s an absolute honour to be appointed as the new CEO of Sainsbury’s in this, the Company’s 145 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.""I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders."
Sainsbury's chairman David Tyler said King was "a truly exceptional leader" who reshaped the company during his 10 years as chief executive, and leaves a "lasting legacy".
Shares fell as much as four per cent following the announcement of his departure.
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