King quits Sainsbury
Justin King announced his intention to stand down as ceo of Sainsbury at its annual general meeting on July 9 2014, after a decade at the helm.
During his time at the grocer, he was widely credited with reviving its once flagging fortunes, with Sainsbury’s chairman David Taylor describing him as “a truly exceptional leader”.
King thanked his 157,000 colleagues for their “amazing efforts” over the past decade.
“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,” King said. “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.”
Sainsbury’s current group commercial director Mike Coupe will succeed King.
City analysts Clive Black and Darren Shirley said King’s departure was wise, with industry sources agreeing he was leaving at the right time.
