Headlines

Sainsbury’s Ceo Resigns

Justin King will leave British supermarket operator in July

Published

10 years ago

February 3, 2014

steve kaufman

Justin King, ceo of J. Sainsbury Plc (London), has announced his resignation. King will leave the company, the UK’s third-largest supermarket chain, after the annual general meeting in July.

Mike Coupe, the company’s commercial director, is said to be the most likely successor.

Despite recent troubles, mostly competition from online retailers, King has been considered as having a successful tenure, presiding over 36 consecutive quarters of same-store sales growth. He also fought off an attempted $17.6 billion takeover attempt by Qatar’s sovereign wealth fund, which holds 26 percent of the company.

King said he’s had no conversations about another job. His contract prevents him from joining a competitor within 12 months of leaving the company.

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