Morrisons CEO Potts to step down, replaced by former Carrefour boss

Supermarket chain Morrisons said David Potts was stepping down as chief executive after nine years in the role, to be replaced by former Carrefour boss Rami Baitiéh.

Potts, who steered the company's move into private ownership, will leave in November. Morrisons was taken over in a £7bn deal by the US private equity firm Clayton, Dubilier & Rice (CD&R).

Potts said he and CD&R adviser Terry Leahy, a former CEO at Tesco, "had several conversations about succession since the buyout in 2021".

"We had a clear understanding that I was prepared to devote several more years to Morrisons if that was required, but that if an outstanding successor was identified who could lead Morrisons for the long term, then I would step down."

“After a reasonable shift on the frontline of British grocery retailing, I’m looking forward to a short break with my family and will then look for further ways to contribute to business and to the UK's economic recovery from the pandemic."

Morrisons also said trading for the third quarter showed group like-for-like (LFL) sales excluding fuel and VAT were up 2.9% compared with a fall of 3.1% a year ago. Total sales ex-fuel rose 3.1% to £3.8bn.

Reporting by Frank Prenesti for Sharecast.com