Sainsbury’s CEO Justin King will step down from his role in July 2014 after 10 years at the helm of the company, with group commercial director Mike Coupe to take up the role.
King will officially stand down from his role on 9 July at the annual general meeting, with Coupe to continue as group commercial director and CEO designate in the interim.
"It’s an absolute honour to be appointed as the new CEO of Sainsbury’s in this, the Company’s 145th year, and at a time when thanks to Justin’s leadership, we have been consistently outperforming the market,” Coupe said. “I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders."
Coupe began his current role in 2010, and is responsible for trading, marketing, IT and online.
King said of his decision: "This was not an easy decision for me to make, and in truth it will never feel like the right time to leave a company like Sainsbury’s. It has been a privilege to have led the Company for the past 10 years and I am incredibly proud of our achievements in that time. It is the 157,000 colleagues that make Sainsbury’s so special and I would like to thank them for their amazing efforts over the last decade in making Sainsbury’s great again. I am confident that under Mike’s leadership the business will go from strength to strength."