Sainsbury to fall in line with Higgs
J Sainsbury, which owns supermarket giant Sainsbury's, has appointed Sir Ian Prosser to succeed Sir Peter Davis as chairman of the group next year, in order to comply more fully with Higgs recommendations.
Link; Higgs report
The new Combined Code on corporate governance, based on recommendations by Sir Derek Higgs, says a chief executive should not become chairman of the same company.
Sir Peter, currently the chief executive of Sainsbury’s, will become chairman after next month’s AGM.
But following criticism of his appointment, he will be replaced by Sir Ian in July next year.
Sir Ian is one of the best connected executives in the UK, having been (ironically) both chairman and chief executive of Bass up until 2000.