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| Morrisons chairman Sir Ian Gibson to step down | |
| (about 1 hour later) | |
| The chairman of struggling supermarket chain Morrisons has announced his resignation, weeks after the company reported a sharp fall in sales. | |
| Sir Ian Gibson said he would "not be seeking re-election at next year's annual general meeting". | |
| In May, Yorkshire-based Morrisons announced it was cutting prices on more than 1,000 products. | In May, Yorkshire-based Morrisons announced it was cutting prices on more than 1,000 products. |
| Its market share has been hit by a lack of convenience stores and online sales, and the success of budget supermarkets. | Its market share has been hit by a lack of convenience stores and online sales, and the success of budget supermarkets. |
| Morrisons said like-for-like sales - which strip out the impact of new stores - fell by 7.1%, excluding fuel, in the 13 weeks to 4 May. | Morrisons said like-for-like sales - which strip out the impact of new stores - fell by 7.1%, excluding fuel, in the 13 weeks to 4 May. |
| The firm, which reported a £176m loss last year, said it was on track to have up to 200 convenience stores open by the end of the year. | The firm, which reported a £176m loss last year, said it was on track to have up to 200 convenience stores open by the end of the year. |
| 'Smooth transition' | 'Smooth transition' |
| Morrisons also said its new online business was performing ahead of expectations, and should reach up to half of UK households by the end of the year. | Morrisons also said its new online business was performing ahead of expectations, and should reach up to half of UK households by the end of the year. |
| Referring to Sir Ian's decision, the company said in a statement: "The board will conduct an orderly process to appoint a successor. | Referring to Sir Ian's decision, the company said in a statement: "The board will conduct an orderly process to appoint a successor. |
| "The board welcomes Sir Ian's continuing support as it implements its strategy. Further announcements will be made as appropriate." | "The board welcomes Sir Ian's continuing support as it implements its strategy. Further announcements will be made as appropriate." |
| Sir Ian said: "This term will take me into my eighth year on Wm Morrisons board, and this announcement gives the board time to conduct an orderly search for a new chairman and ensure a smooth transition." | Sir Ian said: "This term will take me into my eighth year on Wm Morrisons board, and this announcement gives the board time to conduct an orderly search for a new chairman and ensure a smooth transition." |
| In early May, managing director of retail analysts Conlumino Neil Saunders described the latest Morrisons figures as "woeful" and said they represented "an alarming deterioration in trade". | In early May, managing director of retail analysts Conlumino Neil Saunders described the latest Morrisons figures as "woeful" and said they represented "an alarming deterioration in trade". |
| "The game now is one of market share stealing: any player that wants to grow has to take share from another," he said. | "The game now is one of market share stealing: any player that wants to grow has to take share from another," he said. |
| "Unfortunately, in this 'zero-sum game' Morrisons is a clear loser and is ceding share not only to the deep discounters but also to the other big four players." | "Unfortunately, in this 'zero-sum game' Morrisons is a clear loser and is ceding share not only to the deep discounters but also to the other big four players." |