Morrison seeks to reassure over Bolland appointment
Wm Morrison moved last night to assure investors that Marc Bolland would call the shots when he joins the supermarket group as its chief executive in September.
Mr Bolland, who will end his 20-year tenure with the Dutch brewer Heineken on 1 July, will take control of Morrisons' executive board from Sir Ken Morrison, its 74-year-old chairman. The Heineken "lifer" will be the first non-family member to head the supermarket chain in its 107-year history.
In an attempt to dispel doubts that Sir Ken will ever cede power, Morrisons stressed Mr Bolland, 47, will be responsible for Morrisons' "overall commercial and strategic development and delivering the optimisation plan". The viability of the group's future hinges on the three-year turnaround plan to restore operating margins and slash excessive costs that was devised by Richard Pennycook, its new finance director.
Sir Ken will still work a five-day week at Morrisons until he steps down, which he has promised to do by January 2008. It is likely he will still collect a £675,000 annual salary, despite the demotion in his responsibilities.
Morrisons refused to provide details of Mr Bolland's future salary, how much it would cost to relocate him to Yorkshire from Amsterdam, or whether it had lured him with a "golden hello". It was also unknown whether he will need to be compensated for any share options in the Dutch company.
Mr Bolland, the brewer's chief operating officer, is highly rated by Heineken followers, but has been seeking to leave since he was passed over for the top job last year.
Sir Ken said Mr Bolland would bring "a wealth of experience operating in a highly competitive consumer products sector" and "extensive commercial and leadership skills".
Mr Bolland, who worked his way up since joining Heineken's management trainee scheme in 1987 with assignments in Zaire and Malaysia, said this was the "right move at this point" in his career. David Jones, the deputy chairman who has shaken up Morrisons' boardroom, will leave at the end of June. Bob Stott, the current chief executive, is likely to go at the end of September after a brief handover period. Paul Manduca will succeed Mr Jones as Morrisons' senior independent director.
- 1 Cyclist in Russia narrowly misses being hit by car and lorry
- 2 Y-40 Deep Joy: The world's deepest swimming pool
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 Syria air strikes: President Obama undergoes Damascene conversion as Isis forces America to change tack
- 5 Pink Floyd new album: Band unveil cover art for first record in 20 years
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Deepika Padukone branded a 'hypocrite' by The Times Of India following anger over 'cleavage show' tweet
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Syria air strikes: President Obama undergoes Damascene conversion as Isis forces America to change tack
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Labour Party conference: Ed Balls to set out plan to freeze child benefit to balance books
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...