Bradford-based supermarket chain Morrisons has appointed Marc Bolland, chief operating officer at Heineken, as its new chief executive.
marking the first time a member of the Morrison family will not be at the helm, Bolland, effectively brings to an end Sir Ken Morrison's 50-year reign. He is widely reported to have insisted on complete executive control of the firm when he joins in September.
According to some reports, however, the announcement to the stock exchange was delayed for more than 11 hours over a debate on the future role of Sir Ken.
It appears the debate did not reach the conclusion Bolland is said to have wanted. “When the announcement was eventually made at 6.17pm,” writes the Sun, “it made no reference to Sir ken becoming a non-executive - simply stating that he would retire as chairman in January 2008 and the search for his successor was underway.”
Bolland’s first task is to spearhead a three-year programme to restore Morrisons to full working order after its well-documented difficulties integrating Safeway into the fold.
He was selected from a shortlist, after several potential candidates walked away from the opportunity, say analysts, because of the uncertainty over the future role of Sir Ken, 74. Clive Black of Shore Capital Stockbrokers told BBC online: "The new chief executive needs the autonomy to address the challenges and opportunities Morrisons faces to improve returns without the additional filter of the chairman."
Sir Ken himself said: With Marc we have an excellent management team. I am confident that under his new leadership, the group will take up its rightful position as the best grocer in town.”
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