Press blamed for Morrisons’ FD departure

Morrisons chairman Sir Ken Morrison has slammed the press for contributing to finance director Martin Ackroyd’s departure last month.

Link: Morrisons’ FD pays the price

In the newly-released Morrisons annual report, Sir Ken said that Ackroyd had offered to resign from the board due to ‘unfounded press criticsm’ that Ackroyd believed was ‘damaging the reputation of the company’.

‘It was with deep regret that I accepted this request, and have made it clear we would like him to remain with the company once his term of office runs out at the AGM on 26 May 2005,’ added Sir Ken.

However, Sir Ken admitted that, while the problems Morrisons encountered with Safeway’s accounting systems were not of Ackroyd’s making, the finance director ‘has accepted full responsibility for the failure to keep full control during the year’.

A replacement for Ackroyd is still to be announced.

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