Sainsbury's has announced that chief executive Justin King is to leave the supermarket chain in July.
Mike Coupe, Sainsbury's group commercial director, will succeed him as chief executive.
Sainsbury's chairman David Tyler said: 'Justin is a truly exceptional leader, who has reshaped Sainsbury’s during his ten years as CEO, as well as playing a leading role in the sector and wider business world.
'The board thanks him for his outstanding achievements in ‘Making Sainsbury's Great Again'. He leaves a lasting legacy, with the company stronger than ever.'
King will leave the company after the annual general meeting on 9 July, the company said in a statement.
King said: '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 ten 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.'
Sainsbury's, the UK's second-biggest retailer, saw its shares fall by more than 2 per cent shortly after the news was announced.
Coupe said: '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. I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders.'
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