Sainsbury’s boss Justin King steps down after 10 years at helm

Justin King, Sainsbury’s chief executive has stepped down after 10 years leading the supermarket. The move follows the news that Sainsbury’s recently regained its position as the UK’s second-largest supermarket.

The news saw shares in the supermarket slide by as much as 3% this morning.

King’s last day will be 9 July, the day of the supermarket’s AGM. He will be replaced by Mike Coupe, who is currently the group commercial director.

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.”

David Tyler, Sainsbury’s chairman, said King was “a truly exceptional leader, who has reshaped Sainsbury’s during his 10 years as CEO, as well as playing a leading role in the sector and wider business world”.

Earlier in January, the supermarket announced its 36th consecutive quarter of like-for-like sales, and the most recent figures available showed that the chain controlled 16.6% of the grocery market last autumn, up from 16.4% last year, according to the Guardian. Tesco remains the dominant chain in the UK, controlling 29.5% of the market, with Sainsbury’s narrowly beating ASDA to take second place.

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