This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.independent.co.uk/news/business/news/sainsburys-chief-justin-king-to-step-down-in-july-9092620.html

The article has changed 6 times. There is an RSS feed of changes available.

Version 3 Version 4
Sainsbury's chief Justin King to step down in July after 10 years Sainsbury's chief Justin King to step down in July after 10 years
(35 minutes later)
Sainsbury's chief executive Justin King is set to leave the supermarket chain in July after 10 years at the helm. Justin King has resigned as chief executive of Sainsbury’s after 10 years at the helm, having helped turn the company into the second-biggest supermarkets group in the country and recording nine years of consecutive growth.
King will be replaced by commercial director Mike Coupe, the company said. The 52-year-old will hand over the reins to current commercial director Mike Coupe at the company’s annual meeting in July, and has waived a £1.7 million pay-off he would have been entitled to.
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.  He will receive a £240,000 deferred share award, can cash in long-term share awards over the next few years and also has a personal shareholding in the company worth £4.5 million at today’s share price.
"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." King said he had considered leaving for between three and four years and discussed succession plans during that time with Coupe and chairman David Tyler, despite refusing for years to comment on speculation that he was eyeing up his departure.
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.  He said: “Succession is something we have been actively engaged in for the past three or four years. I believe transition doesn’t work if you leave it too late. I think a two-term presidency can be a very good thing in politics and I think it could work in business too.
"I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders." “The decision was entirely mine. I’ve observed businesses where leaders have stayed too long.”
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". He added: “I hope the judgment of history of my time at Sainsbury’s is that I leave it in a great place.”
Shares fell as much as four per cent following the announcement of his departure. The former Asda executive, who has also worked for Mars and advised the Government, said he has no plans for his future and has yet to talk with any other companies.
More follows Some have suggested he may want to go into politics, since he has been an outspoken critic on several key policies, including business rates, online taxes and internet giants using tax avoidance tactics.
He has also been linked with a possible move into Formula 1, but said he was never approached during his time at Sainsbury’s.
“I think I’m a relatively young man. I’m sure the right opportunity will come along and I’ll know what it is when I see it.”
Since joining Sainsbury’s in 2004, King was tasked with saving the supermarket, which had previously been the biggest in the country.
However, years of underinvestment had left the stores shabby and staff demotivated.
He rebranded the business and started winning back customers from Tesco, Asda and Morrisons, and recorded 35 consecutive quarters of like-for-like growth.
However, the next quarter is expected to see the unbeaten run broken.
His successor, Coupe, has worked alongside King for 10 years at Sainsbury’s and has increasingly been placed  centre stage by the company, leading a battle against the Advertising  Standards Authority and Tesco  over the rival’s price promise. Coupe said he expected a tough time ahead.
He added: “I’ve been in the  business for 30 years and the market is the most challenging it’s ever  been. We will continue to invest in areas such as online and convenience stores.”
UK News in Pictures  UK News in Pictures