J Sainsbury’s chief executive Mike Coupe is to step down after almost six years at the helm, the UK supermarket chain has announced.
Simon Roberts, the FTSE 100 group’s retail and operations head, will replace Mr Coupe at the start of June. Mr Coupe will remain a director until the general meeting on July 2. He will then retire, a statement from Sainsbury’s said on Wednesday.
Under Mr Coupe’s leadership, the UK’s competition regulator in April blocked a proposed tie-up between Sainsbury’s and Asda in a verdict that raised questions about Sainsbury’s strategy and management.
“This has been a very difficult decision for me personally. 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,” Mr Coupe said.
Mr Coupe will waive any entitlement to bonus and share awards in relation to his period of employment during the 2020/2021 financial year, Sainsbury’s said. Mr Roberts’ base salary on appointment will be £875,000, and from his appointment his incentives will be in line with his predecessor’s. His pension benefit will be 7 per cent of his salary, in line with other employees at the UK supermarket chain.
The post Sainsbury’s chief Mike Coupe to step down after six years in charge appeared first on Financial Times.