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| Sainsbury's chief Justin King to step down in July | Sainsbury's chief Justin King to step down in July |
| (35 minutes later) | |
| Sainsbury's chief executive Justin King is set to leave the supermarket chain in July after 10 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. |
| 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. | 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". | 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. | Shares fell as much as four per cent following the announcement of his departure. |
| More follows | More follows |
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