Sainsbury’s (LON:SBRY) shares were down on Wednesday after the supermarket chain announced that its Chief Executive is set to retire.
Shares in the company were down over 2% during Wednesday morning trading.
After almost six years as Chief Executive and fifteen years working for Sainsbury’s, Mike Coupe said that he will retire later this year.
“I feel very privileged to have spent almost six years running Sainsbury’s, in a period that has been the most challenging and competitive of my 35 year career in retail,” Mike Coupe said in a company statement.
“Sainsbury’s is a very different business today to the one I took over in 2014. I have focused on setting the business up to deal with the strategic challenges of our industry,” Mike Coupe continued.
Earlier last year, Sainsbury’s attempted to takeover Asda (NYSE:WMT), but it was blocked by the CMA after it ruled that consumers would not benefit from the merger.
Mike Coupe continued: “I am proud that almost 20% of our total sales now come from our online channels and that we are becoming one multi brand, multi channel business, able to continue to evolve and adapt with customers’ ever changing needs.”
“Adding Argos and Nectar to the business improves our ability to make shopping increasingly convenient for customers and to reward them for their loyalty. We have also been focused on investing in value so that customers feel confident they are getting quality food at great prices when they shop with us.”
“This has been a very difficult decision for me personally,” Mike Coupe said.
“There is never a good time to move on, but as we and the industry continue to evolve, I believe now is the right time for me to hand over to my successor.”
Retail and Operations Director Simon Roberts has been appointed as Mike Coupe’s successor.
Shares in J Sainsbury plc (LON:SBRY) were down on Wednesday, trading at -2.35% as of 10:20 GMT.
