King to step down at Sainsbury’s

Mike Coupe, currently the group commercial director, will succeed him as CEO.

David Tyler, the chairman said: “Justin is a truly exceptional leader, who has reshaped Sainsbury’s during his 10 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.

“We are delighted to appoint a CEO of Mike’s unique talent and experience as Justin’s successor to lead the next chapter of Sainsbury’s history. No one knows Sainsbury’s – or the industry – better than Mike. He has worked hand-in-hand with Justin over the past decade and has a proven track record of success making him the natural choice to take the Company forward.”

Mr 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 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.”

Mr Coupe, the CEO designate 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.”