(Reuters) – Sainsbury’s (L:) is not talking to internal candidates about succession plans to Chief Executive Officer Mike Coupe and he has the full support of company’s shareholders and the board, a company spokesperson told Reuters late on Saturday.

The company’s response comes after the Telegraph newspaper reported earlier that the British supermarket chain was preparing internally for a succession plan.

“Every responsible business has potential succession plans for its CEO. This is nothing new,” a Sainsbury’s spokesperson said in an emailed statement.

“We are not talking to internal candidates about succession planning for Mike and have been clear he has the full support of shareholders and the Board,” the spokesperson added.

The Telegraph had earlier said the company was considering internal candidates for a replacement to CEO, which included John Rogers, the head of Argos unit, Simon Roberts, its retail and operations director and Paul Mills-Hicks, the food commercial director.

Sainsbury’s was due to conduct a thorough external search as well, the newspaper said.

Coupe has previously said that he would not quit from his role following company’s failed attempt to buy Walmart-owned Asda earlier in the year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

2019-08-18