BusinessCompany NewsUnderfire Morrisons to appoint non-exec

Underfire Morrisons to appoint non-exec

Supermarket bows to shareholder pressure over boardroom independence

Supermarket chain Morrisons is expected to appoint a third non-executive director after bowing to shareholder pressure, but the company refuses to be drawn on the future of finance director Martin Ackroyd.

Before its buyout of rival Safeway, Morrisons was the only FTSE100 company without any non-execs, and although the acquisition saw the appointment of Next chairman David Jones and Persimmon chairman Duncan Davidson, they are still outnumbered by seven to two on the board.

Executive chairman Ken Morrison is understood to have listened to calls from investors for more independent boardroom representation and could appoint another non-exec, bringing the company closer in line with the combined code on corporate governance. The appointment however, is not expected to be rushed, according to The Guardian.

Meanwhile the company is keeping quiet over whether FD Martin Ackroyd will keep his job after angry shareholders called for his resignation following the company’s second profit warning since the Safeway buyout.

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