Morrisons appoints non-exec trio
Troubled supermarket Wm Morrison chairman Sir Ken Morrison reluctantly appoints three non-executive directors
Troubled supermarket Wm Morrison chairman Sir Ken Morrison reluctantly appoints three non-executive directors
Sir Ken Morrison, executive chairman of troubled supermarket chain Wm
Morrison has been forced to appoint three non-executive directors after a
showdown meeting with the company’s deputy chairman and only other non-exec
David Jones.
The three appointments are Brian Flanagan, Susan Murray and Nigel Robertson
who will join the Morrisons board on 1 July.
Morrisons, which has made five profit warnings since buying rival supermarket
Safeway for £3bn last year, and has struggled with accounting system problems,
said that Sir Ken and Jones would be interviewing further non-executive
candidates with an announcement expected in four weeks time.
Earlier this month Accountancy Age revealed that Morrisons is
believed to be chasing the services of Lloyds TSB finance director Helen Weir as
one of its new non-executive directors.
The Daily Telegraph reported that Sir Ken was blocking the
appointments, claiming that the candidates were ‘not sufficiently heavyweight’.
However, he was said to have been eventually persuaded by Jones and chief
executive Bob Stott, after some of the company’s institutional shareholders
informally offered their support to the deputy chairman.
Flanagan, worked for Mars Corporation for 26 years and was previously global
vice president of business transformation for Mars.
Murray, formerly chief executive of Littlewoods Stores, is currently a
non-executive director of SSL International, Enterprise Inns and Imperial
Tobacco.
Robertson was a senior executive in Marks & Spencer’s food division and
played a central role in establishing Ocado, an online grocery shopping business
in partnership with Waitrose. He currently runs the Early Learning Centre chain.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe first update to the UK Corporate Governance Code in four years will see the creation of a stronger framework for reporting on internal controls an...
View articleBusinesses must adopt a healthy corporate culture or risk legal and business consequences Read More...
View articleDuring a conversation with Accountancy Age, Mazars partner Bob Neate breaks down the draft audit reform bill, warning of a potential capacity issue fo...
View articleThe FRC and major audit firms have criticised the UK government’s watered-down proposals Read More...
View articleThe UK government’s plans for audit and corporate governance reforms have appeared in this month’s Queen’s Speech, to the relief of many, says Anca Th...
View articleOne in ten businesses are failing to submit compulsory modern slavery statements Read More...
View articleThe need for reform is "now more urgent than ever" Read More...
View articleGreater emphasis must be placed on monitoring and assessing the corporate culture of UK-based businesses to preserve their long-term sustainability, a...
View article