Morrisons hires former Tesco finance director Andrew Higginson as chairman

Morrisons has announced that Andrew Higginson, formerly a finance director at rival chain Tesco, will replace chairman Sir Ian Gibson when he retires in 2015.

Morrisons is faced with falling revenue, losing £176m in the first quarter, and is currently engaged in a price war with continental discounters Aldi and Lidl.

Higginson, who is currently chairman of Poundland, will join the Morrisons board this October in the capacity of non-executive deputy chairman and chairman elect.

Outgoing Morrisons chairman Sir Ian Gibson said: “Andy Higginson has a tremendous reputation and a distinguished career at the forefront of retailing in the UK and I am sure he will be a huge asset to Morrisons.

“I am very pleased to welcome him to the board as deputy chairman and look forward to working with him to ensure a smooth transition to the chairman role.”

Higginson, added: "Whilst there are undoubted challenges in the industry at the moment, this is a fine business and I am looking forward to working with the great team at Morrisons who work hard every day to serve customers."

The news comes after the struggling retailer earlier this week announced a promotional partnership with Quidco to boost online sales.