Departure of "best communicator" Justin King pushes Sainsbury's shares down
Sainsbury's share price has dropped two per cent after the announcement that its chief executive Justin King, recently judged the most influential communicator in the pool of FTSE 100 bosses, is to step down in July.
Exit: Sainsbury's chief executive Justin King (picture: Tom Parkes)
King has been chief executive and the public face of the retailer for the past 10 years and was rated as the most influential communicator in the FTSE 100 in a survey by Aberfield Communications in December.
His departure is not a complete surprise, after newspaper reports speculated he was close to moving on and King acknowledged that he would not be there for much longer.
King will leave Sainsbury’s after the annual general meeting on 9 July and will be replaced by group commercial director Mike Coupe, the company said in a statement.
It is unclear what King will do once he leaves the retailer.
Sainsbury’s chairman David Tyler said King was a "truly exceptional leader who has reshaped Sainsbury’s during his 10 years as CEO. He leaves a lasting legacy."
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."
This article was first published on prweek.com
Latest jobs Jobs web feed
- Business Development Executive Bullfrog Digital LTD Up to £30k + Commission and benifits, Shoreditch
- Head of Strategy, Insight & External Relations London & Partners COMPETITIVE + PRP + BENEFITS, London Bridge
- Senior Account Manager Hot Cow Between £32,000 - £35,000 with discretionary bonuses., Near Chiswick Business Park, a fun and vibrant location to work with events, a lake and bars.
- Project Manager - Integrated / Digital - Superb London Agency Fill Recruitment Ltd £40k - £50k plus bonus and superb benefits!, Central London
- Senior Category Manager Ball & Hoolahan £55,000 + Car/Car Allowance, Sputh East
- Regional Assistant Brand Manager- Europe Ball & Hoolahan £25,000 per annum, South East