Morrisons chairman Sir Ian Gibson has announced that he will stand down at next year’s annual general meeting.
The news came ahead of today (5 June)’s AGM which follows a loss-making year in 2013.
A spokesperson for the retailer said it would conduct 'an orderly process' to find a successor and further announcements will follow soon.
Gibson said: 'This term will take me into my eighth year on the Morrisons board, and this announcement gives the board time to conduct an orderly search for a new chairman and ensure a smooth transition.'
Gibson, who joined the company as non-executive deputy chairman in September 2007, was appointed chairman following the retirement of Sir Ken Morrison in March 2008.
Last month, Morrisons revealed details of its new £1 billion price cutting campaign, launched after the group recorded a loss of £176 million in the year to February 2, 2014, after a profit of £879 million the year before.
